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Self Storage Financing

TMG arranged $6.250MM cash out nonrecourse refinance for a self storage facility loan at 2.97%

Tags: Self Storage Financing, Nonrecourse, Cash Out, Low rates, RV Park Financing
Monday, Oct 04, 2021
by Jared Shupe

Summary:  The Madison Group (TMG), a leading national lending source for Self Storage financing arranged the $6,250,000 cash out nonrecourse refinance for a 466 unit self storage facility in Utah. 

The borrower initially approached TMG for a construction facility on another project.  Needing cash quickly, the borrower inquired about cash out possibilities for a self storage asset that he had owned for a couple of years.  Initial analysis of the project determined it was a great fit for a nonrecourse lender that TMG uses regularly for multiple asset classes, but primarily self storage. 

TMG worked with client and lender to get the deal approved and rate locked at a sub 3% rate fixed for 5 years with substantial cash out to inject into other real estate projects all on a non-recourse basis.  TMG also utilized its in-house processing and closing team to assist the lender with non-recourse closing requirements.  

Location:  Clinton, UT

Property:  466 enclosed self storage facility with 89 RV parking spaces. 

Loan Amount: $6,250,000

Interest Rate:  2.97%

Term:   5 Years

Amortization:   30 Years

Prepayment: 5, 4, 3, 2, 1 

LTV:   60%

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