Apartment Loan in Orange County, California:
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 in Orange County. Call for great rates for an apartment loan in Anaheim, Irvine or Santa Ana. Caffrey & Company LLC has a special focus in Orange County 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 of Los Angeles including Santa Ana, Anaheim, Irvine, New Port beach, Laguna Beach, Dana Point and San Clemente.
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 Los Angeles. 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 for an Apartment loan in Orange County:
- 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 Los Angeles 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 Orange County 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 loan in Los Angeles. 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 date for Orange County:
The Orange County apartment industry faced new challenges and demonstrated its strength in a year of unparalleled turbulence. Despite a marked slowdown at the national level for multifamily construction, projects in Orange County continued to push forward. In the first quarter of 2021, developers were under construction on 20 projects totaling nearly 6,700 units. Developers were most active in the South Irvine submarket. The largest project underway in the county and the submarket was the 876-unit VOLAR, approximately one mile from the Irvine Business Complex, home to nearly 14 million square feet of office space. The county moved out of the most restrictive tier of coronavirus mitigation measures and has allowed restaurants and businesses dependent on the leisure and hospitality industry to reopen. Disneyland plans on opening April 30. Job and income security created tailwinds for apartment operators in the second half of 2020 that carried over into 2021. Countywide occupancy held at 96.8% quarter over quarter as 565 units came online. Effective rent was $2,138 per month in the first quarter of 2021, up 1.5% since December. Supporting the overall upward trajectory was the South Irvine submarket with a metro-leading 3.2% upswing in rent.
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 in Orange County also on our web site: Apartment Loan Interest Rates.
Keep Caffrey & Company in mind when searching for a California 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.