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
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