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$4,000,000 purchase loan for two multifamily buildings. Low rate and no prepayment penalty

Tags: multifamily commercial loans, no prepayment loans, 1031 exchange, apartment financing
Thursday, Oct 29, 2020
by Jared Shupe

Summary:  The Madison Group (TMG), a leading national lending source of Multifamily financing arranged purchase financing in the amount of $4,000,000 on two recently renovated multifamily buildings in a metro area in Virginia. 

The non-local borrower’s goals were to find the best financing for the properties that she had identified to satisfy her 1031 exchange.   Working closely with the lender, attorneys, selling brokers, and closing agents, The Madison Group helped the borrower navigate a complex closing in an unfamiliar market.  The transaction closed on time and all parties concluded the process very satisfied.    

Location:  Virginia

Property:  Two Multifamily Buildings

Loan Amount: $4,000,000

Interest Rate:  3.8%

Term:   10 Years

Amortization:   30 Years

Prepayment:  None

LTV:   65%

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