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TMG arranged a $3MM refinance of construction loan to a long term for a car wash in Utah

Tags: car wash loans, construction loans, long term conventional loans
Tuesday, May 12, 2020
by Jared Shupe

Summary:  The Madison Group (TMG), a leading national lending source of real estate finance, arranged a $3,000,000 refinance of construction loan to a long term conventional permanent loan for a Car Wash 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 integrated into borrower’s financing plans, learned and understood goals, assisted with various financing requirements across multiple lender programs.  The team was able to alleviate paperwork overhead of borrower’s staff, assisted with terms negotiations, and worked with all partners to successfully close two locations in the Utah market.  TMG is currently working on multiple other loans for locations nationwide.   

Location:  Utah
Property:  Tunnel Car Wash
Loan Amount: $3,000,000           
Interest Rate:  4.25%
Term:   10 Years
Amortization:   20 Years
Prepayment:   None
LTV:   65%

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