Apartment Loan in Greenville:
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 Greenville. Caffrey & Company LLC has a special focus in Greenville 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 Greenville as well as suburbs including Five Forks, Clemson, Wade Hampton and Simpsonville.
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 Greenville. 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 Greenville:
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 Greenville 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 Greenville. 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.
Greenville Multifamily Market:
Early into the pandemic, South Carolina Governor Henry McMaster permitted manufacturing firms to remain open, giving Greenville’s unique industrial economy a distinct advantage over others that were shut down or restricted. As a result, there were a record number of business announcements in 2020 that carried over job creation into the new year. Through March 2021, employers in the manufacturing sector collectively recovered 89.2% of their workforce since the first uptick in U.S. COVID-19 cases, generating 6,500 net jobs. To help meet job demand, developers confidently continued work on large-scale projects like Fox Hill Business Park, the first Class A business and industrial park to be built in Greenville County in nearly 20 years. Greenville’s job resiliency also stabilized demand in the multifamily market and drove fundamentals beyond their historic norm. Average occupancy in the first quarter reached 95.2%, up 70 basis points annually and 50 basis points beyond the metro’s five-year average. In turn, apartment operators were prompted to increase effective rent 2.7% annually to $1,011 per month, marking the first time the average metro rent surpassed $1,000.
Market forecast for the Greenville area and impact to Multifamily Housing:
A projected drop in rental demand in the Central Greenville submarket, in part due to the struggles of the metro’s leisure and entertainment industry, will hold back metrowide apartment fundamentals over the next 12 months. The job sector is based primarily around hotel and retail activity in Downtown Greenville and was hard hit by travel restrictions and social distancing.
While ongoing health concerns will temporarily soften the desirability of the metro’s urban core, demand is expected to increase in adjacent submarkets. Overall, renters are anticipated to absorb
734 apartment units this year, trailing the 1,204 apartment units brought online. Occupancy will fall 60 basis points to 93.9% due to supply-side pressure. Simultaneously, apartment operators
will raise effective rent 2.5% this year to $1,009 per month as payrolls rise. An increasing number of attractive jobs in the technology and automotive industries are expected to help restore apartment demand in the urban core by 2022. Many of the fastest-growing companies in South Carolina are medical tech, logistics, and finance firms operating in or near Downtown Greenville.
The metro has become a magnet for professionals displaced by COVID-19 and those committing long term to the remote-work lifestyle. Residents are expected to absorb 1,315 apartments metrowide in 2022 as developers bring 1,037 units online. Another promising development: Clemson University began moving forward on its 250-acre Technology Neighborhood campus, a 40,000-square-foot office space designed to accommodate the operational needs of major tech companies.
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.