The Madison Group (TMG), a leading national source for multi-family financing, arranged a $1,721,475 loan to refinance condo units ran like an Air BNB in Utah.
The borrower’s goals were to refinance with minimal cash out. They also wanted an option that was flexible to pay off early.
TMG worked hard to find the right lender that met the borrower expectations and was able to understand the condo and HOA structure. The closing of the loan was truly a team effort and required a lot of attention to detail. The property had a tenant-controlled HOA which was outside a lot of lenders guidelines. In the end the borrower was very satisfied with the interest rate along with the overall terms they received.
Property: Multi-family – 6 Condo Units
Loan Amount: $1,721,475
Interest Rate: 4.5%
Term: 15 year - Adjusts in 5 years
Amortization: 30 Years