Back to the full list of news posts

news photo
Multifamily Nonrecourse Loan

Recent Closed Loan: $3MM Cashout Nonrecourse Refinance for Multifamily in Utah

Tags: multifamily loans, apartment financing, Utah commercial loans, loan broker
Wednesday, Jun 19, 2019
by Jeff Meierhofer

Summary:  The Madison Group (TMG), a leading national lending source of Multifamily Financing, arranged the $3,000,000 refinance of a 44-unit townhouse style multi-family property in northern Utah.  The borrower's goals were to get a cash out nonrecourse loan with a long-fixed term.

The challenge on securing a loan is the rural location of the property and the property has multiple individual titles instead of only one encompassing the entire project.

The team at TMG worked diligently with the lender to determine the best loan structure for the borrowers. The lender got comfortable with the rural area through the knowledge of new businesses that are thriving there. The title challenge of the 44 legal descriptions was worked through and the loan was able to close in a timely fashion with an aggressive rate and term.

Location:  Utah
Property:  Multifamily
Loan Amount: $3,000,000
Interest Rate:  4.29%
Term:   15 Years
Amortization:   25 Years
Recourse:   None