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TMG closed a cash out refinance for a mixed-use property in Utah

Wednesday, Dec 30, 2020
by Brandi

The Madison Group (TMG), a leading national lending source of commercial property financing, arranged the $712,500 cash out refinance for a mixed-use property in Utah.  The property consisted of a 4-unit apartment on the upper level and 2 commercial spaces on the lower level.  The final loan terms were a rate of 4.25% on a 10-year fixed term, 25-year amortization recourse financing.

The borrower goals were to lower his current interest rate and get some cash out to purchase an additional property.  

TMG negotiated and worked diligently with the lender on a cash out refinance to give the borrower the cash they needed to purchase another property. The borrower was able to secure a loan with a lower rate and close in time to purchase another real estate transaction.  

Location:  Utah

Property:  Mixed Used

Loan Amount: $712,500

Interest Rate:  4.25%

Term:   10 Years

Amortization:   25 Years

Prepayment: None 

LTV:   75%

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