Transaction Description
The Madison Group, a commercial broker and loan consultant, has facilitated the financing for a $760,000 multifamily refinance. This multi-family property is located in Orem Utah, and contains 15 two bedroom two bath units. It is 100% occupied. The Madison Group facilitated the financing with a fixed rate of 4.95%, a 10 year term, and 25 year amortization.
Challenges
There were two challenges associated with the transaction – the borrower has subpar credit and the building has low market rents. However, this was a great borrower that deserved a great loan.
Solutions
After being turned down by two different lenders, The Madison Group was able to place this loan with a great local lender that provided an approval and funded the loan. TMG helped them look at the full story (behind the derogatory credit, rather than just the FICO score) to ultimately get the approval. The team at TMG worked diligently with the borrower and lender throughout the entire loan process to provide a seamless closing.
The financing was arranged by Jeff Meierhofer, Director of Finance at The Madison Group.
The Madison Group is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including: multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States. Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get the transaction closed and funded.
The Madison Group and Jeff Meierhofer can be reached at 435-785-8350 or by emailing Jeff at jeff.m@madisongroupfunding.com.