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Closed loan: $680,000 Apartment refi in UT

Friday, May 29, 2015
by Jeff Meierhofer

The Madison Group facilitates a $680,000 apartment refinance in Utah

The Madison Group, a commercial broker and loan consultant, has facilitated the financing for a $680,000 multifamily refinance.  This 12-unit fully occupied apartment is located in Layton Utah.

Challenges 

The borrower lived out of state which posed some challenges to a few lenders in Utah. The borrower also desired a loan that granted some flexibility upon maturity. The borrower also wanted a loan with limited or no principal pay down or pre-payment penalties.

Global cash flow also proved to be a challenge, as the borrower and lender had to work through some scenarios to get creative to come to a conclusion that work to satisfy the lender and help put the borrower in a better cash flow position going forward.

Solutions

Finding the right lender who understood these needs proved to be a challenge, but The Madison Group was able to discover a lender who understood the clients need offered a fixed rate of 4.75%, a 10 year term, and 25 year amortization with zero prepayment penalties which included flexible and affordable extension options available to the borrower at loan maturity.

The financing was arranged by Joe Evans 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 Joe Evans can be reached at 435-785-8350 or by emailing Joe at joe@madisongroupfunding.com.