The Madison Group (TMG), a leading national lending source of
self-storage financing nationwide, arranged the $9,400,000 cash-out refinance
loan for two self-storage facilities in Florida.
The
client approached TMG seeking a loan to refinance their existing self-storage
facilities, with the intention of using the proceeds to acquire a new
self-storage facility and expand their portfolio. TMG successfully partnered
with a lender who was able to offer cash-out financing despite the sponsor's
cost basis. Additionally, the lender provided a loan with no prepayment
penalty, allowing the sponsor the flexibility to refinance or reduce the
interest rate in the event of a rate decrease.
Through
close collaboration between TMG, the lender, and the sponsor, the transaction
was expedited, enabling the sponsor to secure the purchase of the new
self-storage facility they were under contract for.
Property: 2 Self-storage
facilities
Loan Amount: $9,400,000
Interest Rate: 6.50%
Term: 10 years
Amortization: 30 years
Prepayment: None