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Apartment Loan in Louisville:

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 Louisville. Caffrey & Company LLC has a special focus in Louisville 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 Louisville as well as suburbs including:

Hurstbourne Acres, Beechwood Village, Fort Mitchell and Indian Hills.

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 Louisville.  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 Louisville:

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 Louisville 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 Louisville.  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.

Louisville Rebust recovery helps Mutlifamily Trends:

A surge in e-commerce consumption amid restrictive COVID-19 lockdown procedures favored robust logistics and manufacturing hiring activity in the Louisville metropolitan area, both of which became the first employment sectors to exceed pre-quarantine levels by March 2021. While many residents brought their offices home, a new wave of production workers moved their operations into one of the many industrial sites built in the last year. Approximately 5.3 million square feet of industrial space was brought to inventory in 2020 and another 3.8 million square feet is currently in development. Alongside strong occupancy in the industrial sector, leasing activity in Louisville’s multifamily market also benefitted from accelerated job creation. During the 12-month period ending March 2021, nearly 2,200 net leases were signed, bringing the metro’s occupancy rate to its five-year market average of 94.9%. Limited annual in-migration and a 1.0% jump in Class A occupancy indicates renter demand was pooled largely from existing metro residents looking to accommodate flexible living space in amenity-rich areas. Meanwhile, effective rent surpassed its five-year market average and grew 4.3% annually to $918 per month in the first quarter of 2021.

By the numbers forecast for 2021 Louisville, Kentucky:

Multifamily Occupancy is up year over year to 94.8%.  Average Effective Rent is $933 per unit per month.  Employment has not fully returned to Pre-Pandemic levels: 2019 688,500 jobs, 2020 642,800 and for the year 2021 661,300 jobs are expected.  Population for the greater Louisville Metro is trending up from 1,299,000 in 2019, 1,302,900 in 2020 and projected to end 2021 at 1,306,400.  Medium Household Income (MHI) is holding up nicely. MHI for 2019 $60,798, for 2020 $63,889 and projected for the 2021 63,810.

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 Kentucky 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