Apartment Loan in Grand Rapids:
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 Grand Rapids. Caffrey & Company LLC has a special focus in apartment loans in Grand Rapids. 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 Grand Rapids as well as suburbs including Forest Hills, Grand Haven Charter, Rockford, Holland and Grandville.
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 Grand Rapids. 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 Grand Rapids:
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 Grand Rapids 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 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 Grand Rapids. 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.
West Michigan economic data for the first quarter of 2021:
Apartment leasing activity was positive in West Michigan as employers created or restored jobs over the last several months. The 104,200 net new jobs through March 2021 followed layoffs totaling 155,000 jobs from the pre-pandemic high in February 2020 to April 2020. As of March of this year, employment in the financial activities, the education and health services, and
the trade, transportation, and utilities sectors reached at least 97% of February 2020 staffing levels. The prevalence of whitecollar jobs in the six-county metro area meant that a significant portion of workers could work from home, and many of them moved up to more spacious apartments, helping fuel apartment demand in the last four quarters. Annual apartment absorption outpaced annual deliveries in all the metro’s submarkets—and overall, outpaced deliveries by more than two to one, spurring a 120-basis-point increase in occupancy to 97.4% in the first quarter of 2021. At the same time, year-over-year effective rent growth ranged from 2.5% in the North Grand Rapids submarket to 10.3% in the East Kalamazoo/Portage/Battle Creek submarket. Overall, effective rent increased 7.2% annually to $1,001 in the first quarter of 2021.
Ann Arbor economic trends:
Unemployment comparison from first quater of 2020 to first quarter 2021 is up to 4.6% from 2.6% in early 2020. Exsiting Single Family Home Sales up 5.3% from 3,800 homes sold in 2019 to 4,000 in 2020. Population gained 1/2 of a percent to 368,800 for the metro.
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 Michigan 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.