The Madison Group (TMG), a leading national lending source
of multifamily, arranged the $8,740,000 nonrecourse refinance loan for a
town home apartment complex in Utah. The borrower’s goals were to refinance
their two separate loans for Phase 1 and Phase 2 into one long term, low rate
loan.
TMG submitted the loan to a trusted FNMA lender and worked
to get a 30-day Streamline Rate Lock. “We were unable to close right away
because the borrowers had 2% prepayment penalty that expired around the time of
closing. It was crunch time towards the
end, but we got the loan closed in a timely fashion and the client secured a rate
of 3.77% on a long term loan” said Jeff
Meierhofer, TMG’s Director of Finance.
Summary:
Location: Utah
Property: Apartment
Loan Amount: $8,740,000
Interest Rate: 3.77%
Term: 15 Years
Amortization: 30 Years
Prepayment: Yield Maintenance