Apartment Loans in New York City:
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 apartment building loan in New York City. Caffrey & Company LLC has a special focus in New York City 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 all of the suburbs including Newark, Jersey City, Queens, Bronx, Manhattan, Brooklyn, and Staten Island.
Landlords can help tenants with rental assistance:
Households impacted by COVID who are still in need of rental assistance should call 1-844-691-7368 or visit otda.ny.gov for more information regarding the Office of Temporary and Disability Assistance’s (OTDA) forthcoming, federally-funded Emergency Rental Assistance Program to provide rental subsidy to eligible households in New York State.
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 New York City. Therefore, this will help to achieve the best pricing and loan terms for your commercial real estate investment.
Free Loan Quote:
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 New York City 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 an apartment building loans in New York City. 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.
Market conditions for New York City Multifamily Housing:
One of the most diversified and vibrant markets in the world New York City has seen a decline in sales volumes since 2015. New rent controls have slowdown the sales activity due to the inability of owners to raise rents to market on existing properties. This slowdown is expected to continue for 2020. This is in despite of a near 100% market occupancy of 98.5%. The new rent controls have slowed outside investors and we have seen a rise in cap rates. The Greater Newark submarket which is not part of the new rent controls is expected to add nearly 1,000 new units in 2020.
Occupancy to remain at record highs:
With the damping of new development coupled with thee very high costs of homeownership and continued job growth the New York City Metro is expected to see occupancy remain tight for the seeable future.
New York City by the numbers:
In 2019 New job creation grew by 75,000 with a next new job growth of 37,300 and 52,850 net population growth. The total unit inventory for 2019 stood at 1,758,788 units, with a five year low of new deliveries of 11,927 units. The market absorption came to 30,000 units further tightening the over all occupancy rate. The average effect rent was $3,080 with a 4.2% year over year of rent growth.
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: Apartment Loan Interest Rates.
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
Mike@CaffreyLoans.com
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