Apartment Loan in Salt Lake:
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 Salt Lake. Caffrey & Company LLC has a special focus in Salt Lake 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 Salt Lake as well as suburbs including South Jordan, Highland, Farmington and Holladay.
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 Salt Lake. 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 Salt Lake:
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 Salt Lake 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 Salt Lake. 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.
Metro records sixth straight year of robust leasing activity. Salt Lake City enters this year following a stretch of stout apartment demand that translated to the absorption of more than 23,000 units since 2015. Fueled by strong in-migration, vacancy reached a cycle-low level last year, placing the Wasatch Front on solid footing prior to a large influx of new rentals. In 2020, more than 4,000 units are slated for finalization, bolstering the metro’s apartment inventory by over 3 percent, one of the largest increases registered in the nation. Three-fourths of this delivery volume is concentrated in the southern portion of Salt Lake County, with the majority of completions occurring south of Interstate 215. The influx of new apartments will increase metro vacancy in the short term and could temporarily raise concessions usage, yet more than 3,400 units will be absorbed for the sixth consecutive year amid unwavering population growth.
Market Date for Salt Lake Metro:
Strong multifamily fundamentals and cap rates higher than some other mountain and western states attract a greater mix of investors. We see cap rates between 5 percent andf 6 percent. The downtown Salt Lake City is active and attractiving apartment dwellers. Sugar House and other neighborhoods south of downtown, off Interstate 80, garner attention from outside and in-state investors alike, as these areas house higher earning households and above-average rents. Class C transactions dictate deal flow in these locales, with first-year yields hovering in the 5 percent range. Local high-net-worth individuals pushed out of the core are pursuing Class C listings in Ogden, Provo and other outlying portions of the metro.
By the Numbers for Salt Lake:
Job growth is up 1.7% for the year. Employers added 22,000 new jobs. New constrcution of 4,200 with occupany at 96.2%. The average apartment rents were $1,270 which reflects a 6% increase over the prior year.
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.
When looking for an apartment lender in Salt Lake, think of Caffrey & Company LLC. 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.