Apartment Loan in Colorado Springs:
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 Colorado Springs. Caffrey & Company LLC has a special focus in Colorado Springs 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 Colorado Springs as well as suburbs including Monument, Woodmoor, Gleneagle, Palmer Lake and Manitou Springs.
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 Colorado Springs. 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 Colorado Springs:
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 Colorado Springs 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 Colorado Springs. 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.
Colorado Springs Multifamily Market Data:
While leasing activity was cooling across the country, Colorado Springs emerged as one of the top three multifamily secondary markets. An uptick in demographic trends alongside accelerated rental demand spurred a 70-basis-point, year-over-year increase in occupancy. The 96.5% rate in the first quarter was 100 basis points above the national average rate. Moreover, effective rent increased 6.0%, one of the highest year-over-year rent growth among markets in the Mountain West region. The North Colorado Springs submarket, home to the Air Force Academy, led the metro in net newly signed leases, pushing up occupancy and accelerating rent growth. Boosting overall leasing activity and rent was a recovering economy. Since the onset of the pandemic through March 2021, the metro restored 28,000 jobs. With a bounce back of 73% pre-pandemic payrolls, Colorado Springs had the highest recovery rate in the state. The metro’s trajectory toward full employment recovery will be supported by Amazon’s largest distribution center nationwide, slated to deliver this summer at Peak Innovation Park. Hiring for about 1,000 jobs began in March. Additionally, in support of growing technology and defense sectors, construction continues at the new Peak Technology Campus, a 210,000-square-foot, Class A office development.
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 Colorado 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.