The Madison Group (TMG), a leading source of office financing nationwide, arranged the $1,160,000 loan for the refinance of a two story office in Santa Barbara. The borrower had recently purchase the building using an interim loan. He had short timeline on a 1031 exchange and needed to close in three weeks, so a bridge loan was used to secure the transaction. The finalized terms of this new loan was 4.5% interest rate with a 15 year term and 15 year amortization.
This Class A single-tenant office building is 100% NNN leased. The borrowers used a quick bridge loan to purchase this asset in the beginning of 2017. They were able to act quickly to secure the asset and then look for long term financing. The low LTV allowed for a flexible lender to come in and provide a “makes sense deal” and commit to a loan that satisfied the borrower’s needs.
“The borrowers did not want to have to refinance the asset again. We used a trusted source to provide a fixed rate to match the amortization to meet their retirement goals,” said Jeff Meierhofer, TMG’s Director of Finance.
The financing was arranged by Jeff Meierhofer 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 and Jeff can be reached at 435-785-8350 or by emailing Jeff at Jeff.M@madisongroupfunding.com.