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Follow on Google News | The Madison Group Closes $5,300,000 Multi-Family Purchase and Rehab LoanThe Madison Group (TMG), a leading source of multi-family financing nationwide, recently closed a $5,300,000 apartment purchase and rehab loan.
The borrowers had a very complicated transaction with two different properties in two different states. Both properties were in need of rehab dollars to bring them up to market conditions. The borrowing entity had multiple individuals in the transaction, which further complicated the deal. The borrowers were most interested in getting rehab dollars along with purchase dollars so they did not have to raise additional funds for refitting the property. TMG was able to work with a lender that could grasp the future value of the property once it was rehabbed and income increased to market rates. The loan is predicated on an 80% loan to cost, which included rehab dollars. This helped the borrowers to reduce their need for other investors. The debt service cover was lowered to accommodate current in-place income, while waiting for future income to increase. "The buyers saw great potential and upside in this very dated property," said Jeff Meierhofer of The Madison Group. "They needed to work with a team that could provide special attention to a higher loan to cost, and structure of the entity to make the transaction possible." The financing was arranged by Jeff Meierhofer at The Madison Group. The Madison Group (http://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. End
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