The Madison Group (TMG), a leading source of industrial financing nationwide, arranged a loan of $550,000 for the purchase of an industrial building in Utah. The borrower needed a quick close to take down the property. The finalized terms of this loan were 6.50% interest rate, 5/1 ARM, and a 30-year amortization.
This 8,000 square foot office/industrial building, located in West Valley City, was recently finished. It has the capacity to add a second floor for additional offices, central air, and is wired for cable. It is fully fenced with a high-security fence and gate.
The loan had two challenges of a small loan amount and having a short deadline to close. Also the borrower was located in California making it difficult to get signed loan package in a timely manner. TMG worked directly and effectively with the appraiser, lender, title, and the borrower to get the loan closed in less than 30 days.
Quote from borrower or loan officer.
“Most commercial transactions take 60 – 90 days to close, but our team rallied to get the loan closed to meet the PSA deadline”, 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