Apartment Loan: St Louis
Since April of 2000 Caffrey & Company LLC has been helping real estate investors nationwide find the best loan product for an apartment loan St. Louis area. Call for great rates for commercial and multifamily loans in St. Luis. Caffrey & Company LLC has a special focus on apartment loans in the St Louis Metro. The most attractive, non-recourse loan 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 the value (Over $5 million leverage up to 83% to 85% is available) you are at the right place.
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 loan in St. Louis. Therefore, this will help to achieve the best pricing and loan terms for commercial real estate investment. 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 shortlist 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 know your objective, how much do you wish to borrow from the apartment complex? Is this a long-term investment or a short-term investment? In other words, outline your loan request.
We understand the financing of an apartment complex is a very important component of the 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.
St. Louis Apartment Market forecast for 2021
Forecasts for the St. Louis area 2021 expect to see 2.7% job growth creating 36,400 new jobs. In part, due to the COVID-19 pandemic, new construction starts are expected to be less than prior years with 1,200 units being added to the inventory. Vacancy rates are expected to stay strong at 4.2%. This is an increase over 2020. 2021 expects rents to increase overall by 3.5% bringing the average to $1,204 per month.
Fixed-Rate Loan Terms are Available for Apartment Loans in St. Louis:
Loan terms are available from 3-years up to 35-years (40-years for new construction on loans over $5 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 loan in St. Louis. Closing costs vary between loan products. Before you put any funds out 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 can read about specific loan products. 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 Missouri 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.