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TMG arranged a $2,750,000 nonrecourse refinance for a multi-family property located in Utah.

Tags: Multifamily, Multifamily Financing, Multifamily Loans, Multifamily Refinance, Commercial Loans, CRE Financing, Commercial Real Estate Loans, non-recourse financing, Cash Out, Cash Out Refi, Cash Out Refinance, UT Financing, Nationwide Financing
Tuesday, Jan 17, 2023
by Brandi Link

The Madison Group (TMG), a leading national lending source of multi-family financing, arranged a $2,750,000 nonrecourse refinance for a multi-family property located in Utah. The borrower’s goals were to payoff off current construction loan and receive permanent financing.

The borrower was a returning client to TMG. TMG arranged permanent financing for the 1st Phase a year ago. TMG work diligently with the current lender to secure financing. Despite some unforeseen delays, it was truly a team effort and required attention to detail by TMG, the borrower, and lender. In the end the borrowers were very pleased with their interest rate and terms. We will be moving forward on the next phase in the project in 2023.

Property: Multi-family

Location: Utah

Loan Amount: $2,750,000

Interest Rate: 5.98%

Term: 7 yr. term (this was the remaining term for the 1st Phase)

Amortization: 30-Years

Prepayment: Yield Maintenance

Guarantee: Nonrecourse



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