The Madison Group (TMG), a leading national lending source
of multifamily financing, arranged a $2,822,000 cash out refinance loan on a
73-unit multifamily property in Idaho. The borrowers purchased the property in
2018 as a vacant senior living facility and converted the property to
multifamily.
The borrower’s goals were to refinance the existing bank
loan, get a lower rate, and get cash out to fund another multifamily conversion
project. It was also important to the client to secure a 30-year amortization
and have no prepayment penalty so they could refinance if rates come down. The
Madison Group was able to work with a lender that was able to refinance the
property at a lower interest rate and provide the cash out they needed. In the
end the client was very happy with the loan they received.
Property: Multifamily
Location: Idaho
Loan Amount: $2,822,000
LTV: 75%
Interest Rate: 7.15%
Terms: 10 years-adjust in 5 years
Amortization: 30 years
Prepayment: None
Guarantee: Recourse