Press Release (ePRNews.com) - LOGAN, Utah - Feb 08, 2017 - The Madison Group (TMG), a leading source of multifamily financing nationwide, arranged the $1,445,000 cash-out refinance of a multifamily residential portfolio in northern Utah and southern Idaho. The borrower’s goals were to refinance the properties out of his personal name and put them into his LLC. He also needed to remove a partner from the existing mortgage debt. TMG secured the financing with a five year fixed rate of 4.96% with a 25 year amortization at 75% LTV.
The portfolio consists of rental units with single family, duplexes, and 4-plexes. The dwellings are located in two different markets; some near USU in Logan, Utah, the others in Chubbuck, Idaho. All properties are 100% leased. The experienced investor had good secondary income. The borrower’s credit scores are lower than expected because of the 14 mortgages on his credit. He had no derogatory credit.
Some of the Idaho properties had very high LTVs, which were mitigated with the equity in the Utah properties. TMG was able to find a lender willing to lend in both Idaho and Utah on multiple properties. The new loan structure reduced the number of mortgages to three and allowed him to put the loans into the names of the LLCs. The borrower’s credit scores should now rise due to the reduction in the number of loans. He also received some cash back to be used for future purchases.
“The transaction was complicated, as we had 13 properties in 2 different states with various equity positions. We were able to find the right lender to work with these challenges and provide the financing the borrower required,” said Angela Kesselman, TMG’s Associate Director of Finance.
The financing was arranged by Angela Kesselman 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 can be reached at 435-785-8350 or by emailing Angela at email@example.com. Visit us at http://www.madisongroupfunding.com Source :
The Madison Group