The Madison Group (TMG), a leading national source for multifamily term loans, arranged the $2,700,000 loan to cash out and refinance a 44-unit apartment building in Oklahoma.
The repeat client came to TMG seeking to cash out and refinance the apartment building during stabilization. TMG found a lender that was willing to issue a term sheet and begin due diligence during stabilization. The loan was closed two weeks after meeting occupancy thresholds.
Additionally, the lender locked the interest rate in for 60 days after the LOI was singed.
Location: Oklahoma
Property: 44-unit apartment building
Loan Amount: $2,700,000
Interest Rate: 5.25% 7-year fixed rate
Term: 10 years
Amortization: 30 years
Prepayment: None
LTV: 75%