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Apartment Loan in Riverside

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 Riverside. Caffrey & Company LLC has a special focus in Riverside apartment loans.  The most attractive, non-recourse loans terms start at $1,000,000 for multifamily properties in the Inland Empire Area.  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 Riverside suburbs including San Bernardino and Ontario.

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 Riverside.  Therefore, this will help to achieve the best pricing and loan terms for your apartment building or commercial real estate investment.

Free Loan Quote for an apartment loan in Riverside, California:

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 Riverside 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 in Riverside California:

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 Riverside.  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.

Inland Empire Multifamily Market Facts:

The Inland Empire 10 largest cities are Riverside, San Bernardino, Fontana, Moreno Valley, Rancho Cucamonga, Ontario, Corona, Victorville, Temecula and Murrieta. Economic recovery in the Inland Empire is well underway as 136,000 jobs were created or restored by February 2021 from the low point in April 2020. In the last four quarters, Inland Empire’s apartment market benefited at the expense of costlier coastal markets, where shaky employment and dwindling urban-core amenities prompted many renters to migrate inland. While fundamentals were healthy among all apartment classes in the Inland Empire, the exodus of higher-income renters from the coastal counties was apparent as Class A apartment occupancy in the Inland Empire rose 200 basis during the last four quarters while effective rent increased 13.8%. In comparison, the annual rent gain among all classes was 9.4%, resulting in an average monthly effective rent of $1,706 in the first quarter. During the same period, apartment occupancy increased 180 basis points to 98.2%. Apartment deliveries are expected to taper in each of the next two years in the two-county metro
area, potentially extending rent growth if supply lags demand. Consequently, Class B and C apartments could become more attractive if an increasing number of households become rent burdened.

Multifamily Demand Increases for the Inland Empire caused by the Pandemic:

Developers finalized 350 units from July to September, the lowest quarterly total in more than two years. Hemet/Perris/Lake Elsinore represented the only submarket
to record more than 100-unit deliveries during the three-month window. On the net absorption of nearly 2,500 apartments, vacancy compressed 110 basis points to 2.5 percent during the third quarter, 180 basis points below the U.S. average. Unit availability declined across all submarkets with the exception of Fontana/Rialto/Colton, where vacancy is extremely tight at 2.0 percent.

Rent Increases:

Effective rent escalated across all classes of apartments in the third quarter, translating to a 3.9 percent uptick in the region’s average rate. At $1,652 per month in September, the Inland Empire’s average effective rent is nearly $600 per month less than Los Angeles County. Average pricing was unchanged at $157,000 per unit over the past year ending in September. Similarly the average cap rate held at 5.3 percent. Opportunities to acquire sub-30-unit Class C complexes at mid-5 to low-6 percent cap rates have supported regional deal flow in outer portions of San Bernardino
County and the Coachella Valley since April of 2020. In these locations, lower price points and rents below the U.S. average equate to upside potential for investors.

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 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.

Have a question please contact
Mike Caffrey
Telephone: (913) 402-7077