Student Housing Financing
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