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%