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$1,183,00 cash out refinance of a 21-unit apartment complex in Arizona

Tags: Multifamily financing, Apartment loans, Cash out loans
Thursday, Oct 15, 2020
by Paul Kuster

Summary:  The Madison Group (TMG), a leading national lending source of Multifamily financing arranged the $1,183,000 cash out refinance for 21 units which were comprised of a 15-unit complex and a separate 6-unit complex.

The borrowers were seeking a loan to refinance the two apartment complexes at today’s low rates while getting cash out and securing a longer term with a 30-year amortization.

While many institutions were not lending during this Covid-19 timeframe, TMG’s extensive lender relationships allowed TMG to lock a rate at 4.32% fixed for 10-years with an optional 5-year option.

Location:  Arizona

Property:  Multifamily Apartment Complex

Loan Amount: $1,183,000

Interest Rate:  4.32%

Term:   10-Years plus an additional 5-year option

Amortization:   30-Years

Prepayment:   5,4,3,2,1

LTV:   65%

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