Apartment Loan in


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Apartment Loan in Richmond:

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 Richmond. Caffrey & Company LLC has a special focus in Richmond 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 Richmond as well as suburbs including Wyndham, Midlothian, and Ginter Park.

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 Richmond.  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 Richmond:

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 Richmond 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 Richmond.  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.

Richmond Mutlifamily Market and trends:

The multifamily development pipeline continued to show growth over the last quarter, with no signs of slowing down. Inventory in the market increased from 94,146 units in 1Q20 to 98,212 units in 1Q21. This represents a 4.32% increase of supply. Units under construction also reached a post-financial crisis high of 5,665 units, or 7.8% of current inventory. In the last year, supply in the following submarkets have increased; Chesterfield 8.2%, Richmond South 3.5%, and West End increased 38.5%.

Buying Strength remains strong in the First Quater of 2021:

Demand has been consistently strong in the Richmond market with Q1 marking 9 consecutive quarters of positive net absorption. Since 2015, the quarterly absorption average is 550 units, and Q1 nearly doubled this figure with 1,042 units recorded of absorption. Following the record year of 2020 recording 4,173 units of absorption, a 139% increase from the 10-year average, 2021 is starting off the year with strong momentum to carry through the remainder of the year.

What part of Richmond attracted the most activity?

Downtown Richmond and Western Henrico County contributed to the bulk of this number with 205 and 224 units of net absorption, respectively. Short Pump, located within the western Henrico County submarket, was ranked 26 of the top 50 best places to live in the US in a list compiled by Stacker based on Niche’s 2020 rankings • By the end of 2020, there were 654,300 total nonfarm jobs reported in the Richmond metro area. The peak of the economic toll
occurred in April, when nonfarm employment dropped to 613,400 jobs, down from the 696,400 jobs reported at the end of 2019.

Jobs declined in the past year:

Financial activities jobs appear to have been the most insulated from COVID related employment reductions, as that was the only sector to experience a subtle decrease from 52,800 jobs at the end of 2020 to 52,300 jobs in 1Q21.

The Richmond metro region unemployment rates dropped considerably over the past three quarters as businesses adapted to the economic impact of COVID-19. Q2 2020 saw a peak of 11.4% unemployment but closing out of Q1 2021 rates have dropped down to 5.9%. As the country continues to make strides in reopening and pushing out vaccinations to the public, the unemployment rates should continue to drop. The remainder of 2021 is still uncertain, but the reported figures provides a positive outlook for the economy and its investors.

Sales dropped from the prior year:

Q1 reported a lighter sales volume with 5 transactions trading for a total of $44.3 million, down 87.5% quarter-over-quarter and down 89.5% year-over-year. Deals are continuing to track forward and buyers are remaining active in the market, however sellers have not been able to meet demand. Additionally, collections, particularly in class A product, have held up with little fallout. Until more assets are listed in the market, volume will remain low in the coming quarters.

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 Virginia 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