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Apartment Loan in Stockton and Modesto:

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 Stockton and Modesto. Caffrey & Company LLC has a special focus in Stockton 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 Stockton as well as suburbs including Brentwood, Lincoln, Ripon, Oakley, Tracy and Escalon.

Market Update for Multifamily properties in Stockton and Modesto:

Current effective rent for the overall Stockton and Modesto multifamily market year end 2020 was $1,253 per month. Since mid-year 2020, effective rent increased by 4.7%. The market occupancy by the 3rd quarter had increased 0.70% to 97.3% percent.  This is while only increasing 0.20% in the fourth quarter to 97.5%. The second half of the 2020 multifamily market had 33 transactions occur in the Stockton and Modesto markets totaling $110.7 million with an average cap rate of 6.7 percent. The overall average price per unit during the second half of 2020 was $160,245. The largest multifamily transaction to take place in the second half of 2020 occurred in Ripon totaling $49.8 million. Stonesfair Financial Corporation purchased the 167-unit Class A luxury apartments known as Luxe Ripon for record breaking $298,203 per unit. The luxury apartment complex was fully leased at the time of sale. Additionally, another significant Modesto apartment complex sale occurred at the end of 2020 with the sale of the 116-unit Park Lakewood complex located at 1500 Lakewood Avenue in Modesto. The overall sales price was $20,880,000 or $180,000 per unit.

What caused the demand to spike the Pademic from COVID-19?

The combination of minimal new supply, rising migration from the Bay Area, and the preference for more spacious living conditions has resulted in strong rent growth and substantial occupancy increases over the last twelve months. While it remains to be seen if this is a permanent or temporary shift in population, Stockton and Modesto are well positioned for investors looking to own or develop in a stable and growing market.

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 Stockton.  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 Stockton:

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 Stockton 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 Stockton.  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.

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