Apartment Loan in Allentown:
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 loan in Allentown. Caffrey & Company LLC has a special focus in Allentown apartment loans. The most attractive, non-recourse loans 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 $7 million leverage up to 85% is available) you are at the right place. These specialized apartment loan products are available in Allentown as well as suburbs including Quake, Macungie, Alburtis, Walnutport and Topton.
Each loan product 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 an apartment building loans in Allentown. Therefore, this will help to achieve the best pricing and loan terms for your multifamily building or commercial real estate investment.
Free Loan Quote for Commercial Real Estate Loans in Allentown:
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 understand your investment objectives. 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 apartment loan in Allentown loan request.
We understand the financing of an apartment complex is a very important component of your 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. We can review and provide some up-front loan options.
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 $7 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 a Multifamily loan in Allentown. Closing costs vary between loan products. Before you reach for your checkbook 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.
Allentown Lehigh Valley Market Data:
Lehigh Valley GDP Reaches All-Time High Lehigh Valley’s economy has once again reached record heights, with its gross domestic product rising to $41.2 billion for 2018.* That is a 4.4% increase over the previous year, and marks the first time in regional history that Lehigh Valley’s GDP has surpassed the $41 billion mark. Manufacturing continues to drive much of Lehigh Valley’s economic growth. It is the region’s second-largest economic sector, making up 17.7% of the overall Lehigh Valley GDP, in comparison to it only being 13% of the U.S. economy in 2018.
Job growth continues:
Continued Regional Job Growth Lehigh Valley saw an increase of 4,000 jobs during the 12 months ending June 30, 2019, representing 1.3% growth. Over the last five years, employment has increased by 27,000. Manufacturing in particular added nearly 5,000 jobs, in stark contrast to what’s happening statewide, where Pennsylvania saw a net loss of 6,000 manufacturing jobs, a 1% decrease.
Office market adds large addition:
The Lehigh Valley office market has an overall vacancy rate of 8%, and a 10.1% vacancy rate excluding owner-occupied and medical office space. The addition of the 295,000 square foot Five City Center building in Allentown is the biggest addition to the regional office market so far this year.
In conclusion you find details on several loan products by following these links: 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: Multifamily Loan Interest Rates.
Keep Caffrey & Company in mind when searching for a Pennsylvania lender for apartment loansHave 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.