Back to the full list of closings

news photo

Madison Group closes a $1.1M Hard Money Loan in Utah

Wednesday, Jan 13, 2016
by Barb

The Madison Group closed a $1,100,000 hard money loan with a 10.5% rate, 25 year amortization, and 5 year call.

Transaction Description:  $1.1M all cash out refinance of a special use owner occupied property in a tertiary market.  The collateral consisted of two buildings that are located on a golf course at the base of a ski resort in a small town.   The tenants are a pro shop for the golf course and a locally owned restaurant.  The remaining space is occupied by the owner and is used for conventions, corporate offices and kitchens for the ski resort.

Challenges:  The borrowers were in need of capitalization funds from this free and clear owner occupied real estate in a short time frame. The owners were under application for almost a year with a local bank, but the bank was unable to perform the loan.  The unique property and rural area provided more challenges to finding a new lender.

Solutions:  We were able to quickly get a soft money loan of $1.1M cash out with a life insurance group.  The rate was 10.5% on a 5 year note with a 25 year amortization.


Full List of Recent Closings