The Madison Group (TMG), a leading source of multi-family financing nationwide, recently closed two cash-out refinances totaling $2,200,000 for two apartment complexes in Alaska. The finalized terms for the transaction was 4.14% interest rate, 7 year fixed term, and a 30 year amortization.
The collateral was an 11-plex and a 16-plex in the tertiary market of Anchorage. The owners wanted to cash-out one of the properties, which was owned free and clear. They also wanted cash-out on the other property, but it first had to be released from a portfolio of loans. Most FNMA (Fannie Mae) lenders wanted a minimum of $2,000,000 loan amount to fund a loan in the Anchorage market.
TMG was able to secure FNMA financing by finding a lender that would lend on both properties with two separate loans. By using the combined loan amount to make the transaction large enough, the borrower was able to get the loan they desired. The borrowers were able to get the cash-out needed for another investment and lock in a low fixed rate of 4.14%.
The financing was arranged by Angela Kesselman at The Madison Group.
The Madison Group (www.madisongroupfunding.com) is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including: multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States. Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get the transaction closed and funded.
The Madison Group can be reached at 435-785-8350 or by emailing Angela at angela@madisongroupfunding.com.