The Madison Group (TMG), a leading national lending source
of commercial real estate loans, arranged the 2nd mortgage on a
mixed-use project in Utah. TMG financed the project previously with a
loan that gave the borrowers the ability to pull cash out at some time in the
future.
TMG successfully secured a co-terminus 2nd
mortgage on the property to give the owners the cash they needed to purchase
another property. They were able to
secure the loan with a lower than typical rate on a 2nd mortgage and
close in time to purchase another real estate transaction.
Summary:
Location: Utah
Property: Mixed Use
Loan Amount: $1,140,000
Interest Rate: 5%
Term: 9.6 years
Amortization: 30 Years
Prepayment: None
LTV: 70%