Apartment Building Loan in Minneapolis:
Since April of 2000 Caffrey & Company LLC has been helping real estate investor’s nationwide find the best loan product for commercial real estate investment properties. Call for great rates for an apartment building loan in Minneapolis. Caffrey & Company LLC has a special focus in providing Minneapolis apartment loans. The most attractive, non-recourse loan terms start at $1,000,000 for multifamily properties. Therefore, if you are looking for low interest rates, a non-recourse loan up to 80% of value (Over $5 million leverage up to 83% to 85% is available) you are at the right place.
Minneapolis Multifamily Loan Underwriting:
Each Minneapolis apartment loan request has unique underwriting requirements. Above all, how the loan data is presented to the lenders can have a negative or positive impact on pricing and loan proceeds. We offer this expert loan underwriting for a Minneapolis apartment loan. Therefore, this will help to achieve the best pricing and loan terms for your commercial real estate investment. We encourage our clients to submit key property level data for a free loan underwriting review. This initial loan underwriting normally takes less than one business day for us to respond with several apartment loan options for you to consider. Here is a short list of property level data that would aid in providing a loan quote:
Required Underwriting information needed:
- Last two years and Year-To-Date detailed Profit and Loss statements (in addition a trailing 12-month P&L is best if available) on the apartment complex.
- Current Rent Roll
- Brief narrative description of the property.
- If available a few electronic photos. Or a copy of the real estate agent’s marketing package.
- What is the purpose of the loan? Acquisition, Refinance, cash out, re-position the property (renovations).
Next we will need to know your objective, how much do you wish to borrower on the apartment complex? Is this a long term investment or short term investment? In other words outline your loan request.
We understand the financing of an apartment complex is a very important component of the investment. Therefore, we encourage our client to send us details on the property before finalizing the purchase and sale contract for an indication of the type of loan that might be available to a particular property.
Fixed Rate Loan Terms are Available for Multifamily Properties:
Loan terms are available from 3-years up to 35-years (40-years for new construction on loans over $5 million). The Apartment buildings can be Garden Style, High Rise, Age Restricted, Student Housing, Section 8 Tenants and subsidize properties. There must be at least 5-units. If you have several buildings all with five or more apartment units that you wish to place under one loan no problem, the buildings should be within 3 to 5-miles from the other properties for best loan terms.
How long will it take to close the Loan?
The closing process normally takes between 45 and 55 days to close an apartment building loan in Minneapolis. Closing costs vary between loan products. Before you put any funds out we will provide a detailed estimate of the anticipated closing costs. At this stage you will know the loan product, the loan terms, and the anticipated closing costs to allow you to make an informed decision before moving forward.
Minneapolis, St. Paul Multifamily Market 2021 Forecast:
Apartment deliveries elevated to a more-than-20-year high of 7,981 units in 2020 amid the negative impacts of COVID-19, and developers are scheduled to deliver even more units over the next 12
months. Significant supply-side pressure in the metro resulted in occupancy falling 130 basis points annually to 95.3% in 2020, even though apartment demand increased last year. Minneapolis residents are expected to absorb even more apartments this year, another 7,523 units metrowide, and this trend will encourage operators to increase effective rent 2.1% to $1,383. Over the next 12 months, occupancy is projected to fall 10 basis points to 95.2% due to excess supply pressure but continue to outpace the national average. Apartment demand and construction alike are primarily focused on the Downtown Minneapolis/University submarket. Work is underway on a 14.5-mile expansion of the Southwest Light-Rail Transit Green Line that will connect Downtown Minnesota to new communities and simultaneously generate opportunities for multifamily development. Construction has begun to spread to nearby submarkets like North Minneapolis due to COVID-19 hindering the short-term appeal of living near the metro’s urban core. There is a promising wave of development underway drawing residents to the Central St. Paul submarket, including the first phase of a transformative, 40-block urban development, formerly a Ford Motor Company plant, scheduled to be completed later this year. The project will eventually bring 300,000 square feet of combined office and retail space to Downtown St. Paul.
On our web site you can read about specific loan products. Freddie Mac, Fannie Mae, & HUD/FHA, Commercial Mortgage Back Securities (CMBS) and other loan products. Want more details and sample interest rates for apartment check out Interest Rates for Apartment Loans also on our web site: Apartment Loan Interest Rates.
On our web site you can read about specific loan products: www.caffreyloans.com/loan-products, offered by Freddie Mac, Fannie Mae, HUD/FHA, Commercial Mortgage Back Securities (CMBS) and other loan products. Want more details on sample interest rates for apartment check out Interest Rates for Apartment Loans also on our web site: www.caffreyloans.com/apartment-loans.