The Madison Group (TMG), a leading national lending source
of self-storage financing nationwide, arranged the $1,500,000 expansion / cash
out refinance for a 900+ unit storage facility located in Idaho.
With significant equity in the project having built multiple
buildings / units with cash, the borrower’s goals were to recapitalize and get
some of his cash back out of the project to use on other projects. The Madison Group worked with a specialized
lender unique to Idaho to obtain the cash out proceeds, blend his original rate
on existing money with a new market rate on the cash out proceeds, and ensure
the borrower had funds needed to finish the expansion and recover capital.
TMG worked closely,
with both the lender and borrower, to work through various lending program
parameters, document requests, title and insurance hurdles, and other obstacles
that arose on the path to loan closing - providing a smooth and efficient financing
process for the borrower.
Property: 900+ unit self-storage
facility – Rexburg, ID
Loan Amount: $3,300,000 / $1,500,000 new proceeds
Interest Rate: 4.65%
Blended
Term: 7 years
Amortization: 27
years
Prepayment: Yield
Maintenance
LTV: 35%
Recourse: Full