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Apartment Loan in Baltimore:

For over 20-years Caffrey & Company LLC has been helping real estate investor’s nationwide find the best loan interest rates for commercial real estate investment properties. Call for lowest rates for an apartment loan in Baltimore. Caffrey & Company LLC has a special focus in Baltimore 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 all of the Baltimore and suburbs including Columbia and Towson.

Baltimore Apartment Market forcast for 2021:

Forecasts for Baltimore area 2021 expects to see 2.7% job growth creating 37,200 new jobs.  In part due to the COVID-19 pandemic new construction starts are expected to be less than prior years with 1,500 units being added to the inventory.  Vacancy rates are expect to stay strong at 3.8%.  This is a decrease over 2020.  The 2021 expects rents to increase overall by 3.3% bringing the average to 3.3%.

Multifamily Underwriting for acquisitions or refinance:

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 Baltimore.  Therefore, this will help to achieve the best pricing and loan terms for your apartment building or commercial real estate investment.

Free Loan Quote for an apartment buildings:

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 Baltimore 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 for a multifamily loan.

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 an apartment building loan in Baltimore.  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.

Balitmore Multifamily Market Data as of the first quarter 2021:

As offices reopened, Millennial and Generation Z workers accustomed to teleworking accelerated demand for multifamily stock close to the urban core. As a result, leasing activity outpaced new supply in Downtown Baltimore in the first quarter of 2021, increasing the average occupancy rate to 92.3%. In contrast, metrowide occupancy dipped 10 basis points to 95.7% due to supply side pressure. Recent additions like The James represent a new wave of Class A apartments capable of thriving in neighborhoods that are already desirable and established. Apartment operators are hopeful these units will outperform up and coming areas like Baltimore East’s Port Covington, which will start delivering new residences in 2022. Success in Downtown Baltimore is also underscored by a rebound in rent growth. The submarket recorded a quarterly increase of 1.7% in average effective rent, a resilient turnaround compared to the 0.1% growth rate in the fourth quarter of 2020. Metrowide, effective rent followed suit with a 1.6% average growth rate to $1,400 per month. Increases in vaccine distribution and a rise in hiring activity will help carry Baltimore through its post-pandemic transformation and solidify renters’ commitment to downtown.

In conclusion you find details on several loan products by following these links:

Freddie Mac,

Fannie Mae, HUD/FHA,

Freddie Mac and Fannie Mae require special reserves to cover potential cash flow shortfalls driven by unexpected drop in revenue created in part or in whole due to the pademic.  For high leverage as of this writing Fannie requires a sum equal to 18-months principal and interest payments be placed in this non-interest bearing reserve.  Freddie requires a sum equal to 12-months principal and interest payments.  As the leverage declines Fannie Mae will reduce the amount of the Speaical Reserve.  Once the leverage is at or below 55% this Special Reserve is not required.  Borrowers can request a return of these funds are the first 12 payments contact our office for details.

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 Maryland 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