Apartment Loan in Cleveland:
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 Cleveland. Caffrey & Company LLC has a special focus in Cleveland 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 Cleveland suburbs including:
Chagrin Falls, Oakwood, Highland Heights, Pepper Pike and Orange
Multifamily Loan Underwriting:
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 Cleveland. 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 Cleveland:
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 multifamily 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 Cleveland 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 apartment 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 Cleveland. 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 Cleveland:
Multifamily construction persisted in the Cleveland metropolitan area through the first quarter of 2021 as developers supplied 222 new units. All deliveries in the preceding three months were completed in the Central Cleveland submarket, the metro’s focal point for biomedical and technology innovation. Central Cleveland’s multifamily market is becoming increasingly modernized
with 22.7% of its apartment stock built in the last five years, comparatively high to the metro average of 3.5%. An unwavering development pipeline elevated competition which tended to limit rent growth in the submarket over the past several years. The most recent quarter increase came in at 0.4%. Metrowide, apartment operators were able to increase effective rent 1.3% quarter over quarter to $1,020 amid a broad-based job market recovery and increased consumer confidence. Limited to negative first quarter leasing activity in Central Cleveland and the surrounding areas led to a 30-basis-point dip in the metro’s average occupancy rate to 95.7%. Cleveland is positioned to attract a new wave of young professionals in the near-term as employers continue to pursue job creation and as Class A stock expands with the addition of 1,757 units by year-end 2022.
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 an Ohio 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.