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TMG arranged a nonrecourse loan for a apartment complex with a long term fixed rate of 3.77%

Tags: multifamily financing, low rate apartment loans, nonrecourse loans, apartment loans
Thursday, Oct 03, 2019
by Jeff Meierhofer

The Madison Group (TMG), a leading national lending source of multifamily, arranged the $8,740,000 nonrecourse refinance loan for a town home apartment complex in Utah. The borrower’s goals were to refinance their two separate loans for Phase 1 and Phase 2 into one long term, low rate loan.

TMG submitted the loan to a trusted FNMA lender and worked to get a 30-day Streamline Rate Lock. “We were unable to close right away because the borrowers had 2% prepayment penalty that expired around the time of closing.  It was crunch time towards the end, but we got the loan closed in a timely fashion and the client secured a rate of 3.77% on a  long term loan” said Jeff Meierhofer, TMG’s Director of Finance.

Summary: 

Location:  Utah
Property:  Apartment
Loan Amount: $8,740,000
Interest Rate:  3.77%
Term:   15 Years
Amortization:   30 Years
Prepayment:  Yield Maintenance