The Madison Group closed a $1,100,000 hard money
loan with a 10.5% rate, 25 year amortization, and 5 year call.
$1.1M all cash out refinance of a special use owner occupied property in
a tertiary market. The collateral consisted
of two buildings that are located on a golf course at the base of a ski resort
in a small town. The tenants are a pro
shop for the golf course and a locally owned restaurant. The remaining space is occupied by the owner
and is used for conventions, corporate offices and kitchens for the ski resort.
The borrowers were in need of capitalization funds from this free and
clear owner occupied real estate in a short time frame. The owners were under
application for almost a year with a local bank, but the bank was unable to
perform the loan. The unique property
and rural area provided more challenges to finding a new lender.
Solutions: We were able to quickly get
a soft money loan of $1.1M cash out with a life insurance group. The rate was 10.5% on a 5 year note with a 25