The Madison Group (TMG), a leading national lending source
of commercial multifamily financing arranged the $5,024,000 cash out nonrecourse
refinance for two apartment buildings in Utah. The borrower’s goals were to do
a cash out refinance to lower his current rate.
He also wanted to combine the two
properties together on one loan and secure a long term fixed rate. He plans to use the cash out to start
construction on a building new multifamily property. TMG worked with the lender and engineer to
clear any major issues so we could close the loan and assist the borrower to
meet his goals.
Loan Amount: $5,024,000
Interest Rate: 3.86%.
Term: 15 Year
Amortization: 30 Year