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TMG successfully secured a co-terminus 2nd mortgage on Mixed Use property

Tags: mixed use property financing, commercial loans in Utah, commercial 2nd mortgage loans
Tuesday, Oct 01, 2019
by Angela Kesselman

The Madison Group (TMG), a leading national lending source of commercial real estate loans, arranged the 2nd mortgage on a mixed-use project in Utah.   TMG financed the project previously with a loan that gave the borrowers the ability to pull cash out at some time in the future. 

TMG successfully secured a co-terminus 2nd mortgage on the property to give the owners the cash they needed to purchase another property.  They were able to secure the loan with a lower than typical rate on a 2nd mortgage and close in time to purchase another real estate transaction.

Summary: 

Location:  Utah
Property:  Mixed Use
Loan Amount: $1,140,000
Interest Rate:  5%
Term:   9.6 years  
Amortization:   30 Years
Prepayment:   None
LTV:   70%