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TMG arranged the $1MM refinance for a 14-unit multifamily property in Utah

Tags: apartment financing, multifamily loans, nonrecourse, cash out loans
Friday, Feb 05, 2021
by Brandi Link

Summary:  The Madison Group (TMG), a leading national lending source for multifamily financing arranged the $1,014,000 refinance for a 14-unit multifamily property in southern Utah.

The borrower’s goals were to refinance his current loan to take advantage of the low interest and get some cash out to do some minor repairs on the property.  

There were unforeseen circumstances that caused delay in getting the loan closed. TMG secured a FNMA Lender with a low rate of 3.99% on a 12/30 with no recourse to the borrowing entity. The borrower was very satisfied with the lower rate and increased cash flow on this long-term fixed loan. Additionally, the borrower was pleased with the loan process facilitated by TMG, the professionalism of the lender, and overall execution of the transaction.

Location:  Utah 

Property:  Apartment Building

Loan Amount: $ 1,014,000

Interest Rate:  3.99%

Term:   12 Years

Amortization:   30 Years

Prepayment:  Yield Maintenance  

LTV:   65%

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