The Madison Group (TMG), a leading source of office financing nationwide, arranged the $1,500,000 bridge loan for the purchase of a two story office in Santa Barbara. The borrower had a short timeline on a 1031 exchange and needed to close in three weeks. The finalized terms of this loan were 4% interest rate on an interest-only loan for six months.
This Class A single-tenant office building is 100% NNN leased. The borrowers needed a quick bridge loan as they have a close date of March 28th to purchase this asset. The buyer used his 1031 funds to purchase the well located office building near Santa Barbara. The low LTV allowed for a flexible lender to come in and commit to a closing date that satisfied the borrower’s needs.
“Getting an appraisal done in two weeks and funding in three weeks is not the easiest thing. But the borrower was readily available and the lender made a commitment that they could close quickly and followed through with a great rate.This was a win-win for all” –Said Jeff Meierhofer, TMG’s Director of Finance.
The financing was arranged by Jeff Meierhofer at The Madison Group.
The Madison Group (www.madisongroupfunding.com) 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 can be reached at 435-785-8350 or by emailing Jeff at Jeff.M@madisongroupfunding.com.