Apartment Loans

Des Moines

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Apartment Loans in Des Moines:

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.  Call for great rates for commercial and apartment building loans. Caffrey & Company LLC has a special focus in financing multifamily properties.  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.

Des Moines Apartment Owners help tenants with Rent Assistance:

Iowa Rent Relief: Landlord User Guide.  This could aid qualifying for a low interest rate apartment loan in Des Moines.

 Des Moines 2021 Apartment Market Overview:

A strong spring leasing season in Des Moines paired with no new deliveries in the first quarter of 2021resulted in positive net absorption of approximately 530 units.  In the second quarter of 2021, lowering overall vacancy 1.50% to 5.3%. All 8 submarkets experienced increased occupancy in the second quarter. Most notably the Western Suburbs.  This area recorded approximately 330 units of positive net absorption.  This submarket witnessed a vacancy drop of 2.0% to 4.4%. The Central Business District also saw improvement with a downtown vacancy falling 1.20% to 8% during the second quarter of 2021.  While some use of rent concessions continues to persist in softer submarkets.  The strong second quater absorption facilitated a notable burn off.  A second quarter 2021 survey indicated 13 of the 36 downtown projects surveyed were offering rent concessions in the form of free rent. Six projects totaling 565 units delivered in second quarter, reducing the active construction pipeline to 1,191 units. It is anticipate an additional 688 units will deliver by year-end.

Projected new inventory:

This should bring the 2021 projected total to 1,253 units.  This is about 40% below the previous 5-year average of new deliveries.  Sales volume totaled $162 million across 79 deals in the first half of 2021.  This is a large increase of 73% in total volume and 37% in number of deals year-over-year. Greater Des Moines’ strong underlying fundamentals continue to attract national capital as all three of the quarters top transactions were new-to-market buyers. Expectations are investment activity will remain robust in the second half of 2021 due to strengthening market performance, sustained investor appetite and new buyers coming into the market.

Multifamily Loan Underwriting:

Each apartment loan 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 apartment loans in Des Moines apartment loan. Therefore, this will help achieve the best pricing and loan terms for 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 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.

In conclusion 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.

Keep Caffrey & Company in mind when searching for an Iowa 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
Mike Caffrey
Telephone: (913) 402-7077