The Madison Group (TMG), a leading national lending source of multi-family financing, arranged a $2,750,000 nonrecourse refinance for a multi-family property located in Utah. The borrower’s goals were to payoff off current construction loan and receive permanent financing.
The borrower was a returning client to TMG. TMG arranged permanent financing for the 1st Phase a year ago. TMG work diligently with the current lender to secure financing. Despite some unforeseen delays, it was truly a team effort and required attention to detail by TMG, the borrower, and lender. In the end the borrowers were very pleased with their interest rate and terms. We will be moving forward on the next phase in the project in 2023.
Property: Multi-family
Location: Utah
Loan Amount: $2,750,000
Interest Rate: 5.98%
Term: 7 yr. term (this was the remaining term for the 1st Phase)
Amortization: 30-Years
Prepayment: Yield Maintenance
Guarantee: Nonrecourse