The Madison Group (TMG), a leading national lending source
for construction loans arranged a $2,780,000 construction loan for a 5,349 sqft
4-unit retail center in Utah. The clients had preleased two spaces to tenants,
which included a pizzeria and a doctor’s office.
TMG was able to find a trusted lender to satisfy what the
clients needed. TMG worked closely, with both the lender and borrower, to work
through various lending program parameters and document requests. Although this
loan was very challenging to close due to all the obstacles that were faced.
TMG worked diligently every step of the way. In the end the clients are very
pleased with their loan and plan to break ground very soon.
Property: Retail
Loan Amount: $2,780,000
Interest Rate: 9.50%
Amortization: 25
years
Prepayment: None
Recourse: Yes