Apartment Loan in Jacksonville:
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 Jacksonville. Caffrey & Company LLC has a special focus in Jacksonville 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 Jacksonville suburbs including Sawgrass, Neptune Beach, Nocatee, Palm Valley and Atlantic Beach.
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 Jacksonville. 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 Jacksonville:
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 Jacksonville 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 Jacksonville. 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 in Jacksonville: 1Q2021
Prior to the pandemic, Jacksonville witnessed a population growth of 20,000 each of the past six years. Although population growth is expected to decrease in 2021, the populations is still expected to grow above the national average. Increasing population will increase the demand for multifamily housing. In the begging months of the pandemic, 92,000 jobs in the metro were eliminated. However at the end of 2020 there was a resurgence in employment, with almost half of the jobs returned and staffing the government sector rose above pre-pandemic levels. The resurgence of jobs and increasing population will be beneficial to the multifamily housing space as it will drive demand and increase the ability for tenants to pay their rents.
By the numbers
In 2021, there is expected to be a 3.3% increase in employment creating 23,700 new jobs. Construction is expected to decrease by 2.6% with only 3,200 new units being completed over the course of 2021. Vacancy is expected to decrease by 3.2%, over the course of 2021. In 2020, there was a net absorption of 2,500 which decreased vacancy by 1.1%. This decrease was largely due to limited new inventory produced during the lockdown. Effective rent is expected to increase by 5.5% to $1,198 per month. The average cap rate has been decreased 20 basis points over the course of 2020 and is expected to decrease in the low six percent range.
The investment outlook for Jacksonville is positive for the years to come.
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 Florida 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.