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Car Wash Loan

TMG closes a $4.5M construction to perm loan in Utah

Tags: construction loan, car wash loans, owner user loans
Sunday, Jan 19, 2020
by Jared S

Summary:  The Madison Group (TMG), a leading national lending source of construction and permanent finance nationwide, arranged the combined $4,500,000 refinance of construction loans to long term conventional permanent loans for two car washes in Utah.

With the borrower scaling on a national level, TMG was asked to help place both construction and permanent debt in certain high growth markets.  TMG assisted with various financing requirements across multiple lender programs in order to alleviate paperwork overhead of borrower’s staff.  Additionally, they assisted with terms negotiations, worked with all partners, to successfully close two loan for the properties in the Utah market.  TMG is currently working on multiple other loans for locations nationwide.   

Location:  Utah

Property:  Full-Service Tunnel Car Wash

Loan Amount: $4,500,000           

Interest Rate:  4.57%

Term:   10 Years

Amortization:   20 Years

Prepayment:   None

LTV:   65%

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