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.
Loan Amount: $1,183,000
Interest Rate: 4.32%
Term: 10-Years plus
an additional 5-year option