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Recent Funded loan: $1.1MM Cashout, Nonrecourse, Long Term Fixed

Tags: apartment loans in Utah, Multifamily Refinance, Nonrecourse loans
Wednesday, Sep 16, 2020
by Barb

The Madison Group (TMG), a leading national lending source of Multifamily Financing arranged the $1,162,000 nonrecourse refinance with cash out for an apartment building located in Utah. The borrower’s goals were to lower their current rate with a longer fixed term.  He plans to use the cash out to start construction on a new multifamily property.  The TMG team worked diligently to ensure a timely closing by assisting the borrower and lender during the transaction.

Location:  Utah

Property:  Multifamily Apartment

Loan Amount: $1,162,000

Interest Rate:  3.85%.  

Term:  15 Year

Amortization:   30 Year

Prepayment:   Yield Maintenance  

Guarantee:  Nonrecourse

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