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The Madison Group arranged the $1,910,000 nonrecourse cash out refinance on a self storage facility

Tags: self storage financing, self storage loans, commercial loans
Monday, Nov 08, 2021
by Brandi Link

The Madison Group (TMG), a leading national source for Self Storage financing arranged the $1,910,000 nonrecourse cash out refinance.

The borrower approached TMG for a cash out refinance on a project in a tertiary market. The property was purchased 3 years ago as a value-add project. The clients made major upgrades to the property and increased the NOI dramatically over a 3-year period. The borrowing entity desired to get a cash out loan based on the new value and income of the property. They came to TMG knowing our ability to get nonrecourse loans with maximum proceeds.  

TMG collaborated with the client and lender to provide $900,000 above the basis (cash out) the clients had invested in the transaction. This worked in the clients favor to utilize the funds for another purchase and will increase the overall cash on cash return. TMG also utilized its in-house processing and closing team to assist the lender with non-recourse closing requirements.

Location:  South Carolina

Property:  Self Storage

Loan Amount: $1,910,000

Interest Rate:  4.44%

Term:  10 Years – 4 years Interest Only

Amortization:  30 Years

Prepayment:  Defeasance  

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