Summary: The Madison
Group (TMG), a leading national lending source of Self Storage financing,
arranged the $2,800,000 purchase non-recourse financing for a 379 unit
self-storage facility in Utah. The borrower
had additional 1031 funds to deploy and was seeking the best loan terms
possible with an efficient lender.
Having recently come through a particularly difficult
transaction with another broker and lender, the borrower’s goals were to facilitate
a loan process with a lender that would not only provide great rates and terms
but could approve, and close the loan in a cost efficient and timely
manner. TMG was able to quickly find a
lender with excellent terms with the help of TMG origination and processing
staff. The borrower was able to close on time in what
proved to be a well-organized, professional process by all parties.
Location: Utah
Property: 379 Unit
Self Storage Facility
Loan Amount: $ 2,800,000
Interest Rate: 3.35%
Term: 10 Years
Amortization: 30 Years
Prepayment: 5,5,4,4,3,3,2,2,1,1
LTV: 53%
Non-recourse