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The Madison Group arranges a $1,500,000 cash out loan for a self-storage expansion in Idaho.

Tags: Self storage Financing, self storage loans, cash out refinance, self storage lending, loan for self storage facility, self storage business loans, financing self storage facilities, self storage property loans, commercial real estate loans, commercial real estate financing
Thursday, Aug 08, 2024
by Jared Shupe

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



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