Apartment Lender in: Boise Idaho
Since April of 2000 Caffrey & Company LLC has been helping real estate investors nationwide find the best loan product for commercial real estate investment properties in Boise. Caffrey & Company LLC has a special focus in providing an apartment building loans in Boise, Idaho. The most attractive, non-recourse loan terms start at $1,000,000 for multifamily property loans. Therefore, if you are looking for low interest rates, a non-recourse loan up to 80% (Over $5 million leverage up to 83% to 85% is available) for you Apartment Building Loan you are at the right place.
Landlords of Apartment Buildings in Boise Idaho cna apply for Rental Assistance:
Under contract with the Department of Housing and Urban Development (HUD), Idaho Housing and Finance Association (IHFA) administers federal rental assistance programs that help low-income families and elderly or disabled individuals obtain decent, affordable rental housing.
Through its four branch offices, IHFA administers approximately 3,708 Housing Choice Vouchers. Some of the programs IHFA administers include the Housing Choice Voucher, Special Needs, and the Shelter Plus Care programs.
- IF YOU LIVE IN ADA COUNTY, you must apply here. Idaho Housing does not administer the program in Boise or the Treasure Valley area and does not accept applications at the Boise administrative office for this reason.
- IF YOU LIVE IN CANYON, OWYHEE, ELMORE, GEM, PAYETTE, ADAMS, VALLEY OR WASHINGTON COUNTY, you must apply here. Idaho Housing does not administer the program in these counties and does not accept applications at the Boise administrative office for this reason.
- If you are seeking to apply for emergency rent/utility assistance through the Housing Preservation Program, please go here to begin the process.
Loan Underwriting for the best interest rate:
Each Apartment loan product has unique underwriting requirements. Above all, how the loan data is presented to the lenders can have a negative or positive effect on pricing and loan proceeds. We offer this expert loan underwriting for Apartment Building Loan in Boise Idaho to help achieve the best pricing and loan terms for you. Therefore, 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:
Apartment Lender 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).
- 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, reposition 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 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 the loan. 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.
On our web site you can read about specific loan products: Commercial Real Estate 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: Apartment Loans.
Keep Caffrey & Company in mind when searching for a Idaho lender for apartment loans. Have a question please call: Mike Caffrey (913) 402-7077 or email: Mike@CaffreyLoans.com
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.
Have a question please contact
Telephone: (913) 402-7077