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Multifamily Financing

Recent Closing: $5,024,000 cash out nonrecourse refinance for two apartment buildings in Utah

Tags: apartment financing, multifamily refinance, cash out, nonrecourse
Monday, Sep 28, 2020
by Barb

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.

Location:  Utah

Property:  Multifamily Apartment

Loan Amount: $5,024,000

Interest Rate:  3.86%.  

Term:  15 Year

Amortization:   30 Year

Prepayment:   Yield Maintenance  

Guarantee:  Nonrecourse



Full List of Recent Closings