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Student Housing Financing

The Madison Group arranged the $2.2MM cash out refinance for a student housing apartment in Utah

Tags: Student Housing Loans, Cashout loans, Multifamily Financing, Low Prepayment Penalty loans,
Saturday, Jul 10, 2021
by Jeff Meierhofer

The Madison Group (TMG), a leading national lending source for Multifamily properties, arranged the $2,215,000 cash out refinance for a student housing apartment complex in Utah.  The borrower’s goals were to pay off existing lien that was maturing. The final loan terms were 3.85% with a 10-year term and 30-year amortization.

TMG worked diligently with the client and lender to get the loan closed. They were able to secure financing term allowing for cash out get 3 years interest only on a 30-year amortization. The borrower had a prepayment penalty, and TMG worked with the lender to hold off the loan closing until the prepayment penalty lapsed. The loan closed in time, so the client did not get charged any additional interest.

Location:  Utah

Property:  Apartment

Loan Amount: $2,215,000

Interest Rate: 3.85%

Term:   10 Years

Amortization:  30 Years

Prepayment:   3,3,2,2,1,1,1


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