Apartment Loan in Charleston:
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 Charleston. Caffrey & Company LLC has a special focus in Charleston 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 Charleston as well as suburbs including Mt. Pleasant, Sullivan’s Island and Summerville.
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 Charleston. 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 Charleston:
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 Charleston 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 multifamily 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 Charleston. 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.
Multifamily Market Data for Chareston, South Carolina:
Charleston’s multifamily market remained strong at the start of 2021 despite the impact of the COVID-19 outbreak on the city’s hospitality and tourism sector. South Carolina quickly reopened much of its economy after the initial coronavirus wave. Moreover, Charleston has become a migrant magnet—1,130 new residents in the first quarter of 2021, part of nearly 55,000 net domestic migrants in the past five years. Drawing people to the area were recent relocations and expansions at high-profile companies like Boeing, Volvo Cars, Mercedes-Benz, and DHL International. Though area unemployment hit 12% last May, it trended toward pre-pandemic levels at 4.7% in March. In the housing sector, Charleston is teed up for another significant supply wave in 2021. At the start of the year, 5,039 rentals were underway, representing about 8.1% of Charleston’s apartment inventory, following a 6.3% expansion last year. New supply was most desirable in the downtown submarket where newcomers and younger Charlestonians gravitated due to its proximity to the college, the waterfront, and nightlife. Occupancy tightened 160 basis points since December in the Downtown/Mount Pleasant/Islands submarket, reaching 93.5%, while monthly effective rent was $1,532, up 2.7%. The submarket outperformed the metro’s average occupancy of 93.4% and rent growth of 1.9%.
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 South Carolina 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.