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Apartment Loan in Columbus:

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 Columbus. Caffrey & Company LLC has a special focus in Columbus 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 Columbus suburbs including:

Powell, Grandview Heights, Upper Arlington, Dublin and Granville.

Columbus Apartment Market forecast for 2021

Forecasts for Columbus area 2021 expect to see 2.8% job growth creating 29,100 new jobs.  In part, due to the COVID-19 pandemic, new construction starts are expected to be less than prior years with 4,800 units being added to the inventory.  Vacancy rates are expected to stay strong at 4.4%.  This is an increase over 2020.  2021 expects rents to increase overall by 3.5% bringing the average to $1,062 per month.

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 apartment building loans in Columbus.  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 Multifamily Loan in Columbus:

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 shortlist 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 Columbus 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 apartment 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 Columbus.  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.

Columbus Multifamily Market Data:

Stability in the Columbus multifamily market is exemplary of how the Midwest is becoming a national leader in economic recovery from the COVID-19 pandemic. Nearly every submarket in the Columbus metro area benefitted from effective rent appreciation over the previous quarter.  This ended up generating a market average growth rate of 0.8% at the end of the first quarter of 2021. Multifamily development in areas like Gahanna, Westerville, and Upper Arlington defied common constraints from the pandemic, like the impact of high lumber costs on construction. Combined, these areas accounted for over 63% of the metro’s multifamily deliveries in the first three months of the year.

New Construction of Multifamily:

There were 1,436 new units delivered metrowide, with lots of new supply still on the way. Meanwhile, leasing activity trailed behind with 809 net absorbed units. This which contributed to an average occupancy rate of 95.3%, a 30-basis-point dip compared to one quarter prior. Demand is likely to remain robust as the economy continues to recover. Between the initial employment trough in April 2020 and February 2021, Columbus employers expanded their payrolls by 113,600 positions, restoring over 96% of the metro’s workforce to pre-pandemic levels.

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.

Have a question please contact
Mike Caffrey
Telephone: (913) 402-7077