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The Madison Group arranges a $2,400,000 cash out refinance loan on a mixed-use/retail property in Tennessee.

Tags: Multifamily, Multifamily Financing, Multifamily Loans, Multifamily Refinance, Commercial Loans, CRE Financing, Commercial Real Estate Loans, Cash Out, Cash Out Refi, Cash Out Refinance, Nationwide Financing, Multifamily cash out refinance
Friday, Nov 29, 2024
by Michael Estes

The Madison Group (TMG), a leading national lending source of commercial real estate financing, arranged a $2,400,000 loan to refinance a mixed used property in Tennessee.

The borrower’s goal was to provide cash out equity to be used for investment purposes using a property which they had owned for 10 years – and a building that was over 100 years old. Renovation work by our client had brought it back to modern standards and the property consisted of 20 loft apartments and 1 retail space.

Working with multiple lenders, TMG was able to exceed the client expectations with a 25-year amortization/25-year term during a volatile rate environment cycle and secure financing on the project. Closing also occurred within 45 days of lender selection. The client reached his target cash out goal which they plan to utilize toward other projects and has already approached TMG on his next project.

Property: Mixed-use/Multifamily/Retail

Location: Tennessee

Loan Amount: $2,400,000

LTV: 75%

Interest Rate: 6.5%

Terms: 25 years – Repricing at 1 year T-bill plus 3% every 5 years

Amortization: 25 years

Prepayment: 3-2-1 prepayment penalty

Guarantee: Recourse



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