Since April of 2000 Caffrey & Company LLC has been helping real estate investors nationwide find the best loan product for commercial real estate investment properties in Atlanta. Caffrey & Company LLC has a special focus in providing an Atlanta apartment loan. The most attractive, non-recourse loan terms start at $1,000,000 for multifamily property loans. Therefore, if you are looking for low interest rates, a non-recourse loan up to 80% (Over $5 million leverage up to 83% to 85% is available) for you Apartment Building Loan you are at the right place.
Loan Underwriting for the best interest rate for Atlanta Apartment Loans:
Each Apartment loan product has unique underwriting requirements. Above all, how the loan data is presented to the lenders can have a negative or positive effect on pricing and loan proceeds. We offer this expert loan underwriting for Atlanta Apartment Building Loans Properties to help achieve the best pricing and loan terms for you. Therefore, 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).
- 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, reposition the property (renovations).
Next we will need to know your objective, 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 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.
Fixed Rate Loan Terms are Available Multifamily Properties:
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 the loan. 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.
Atlanta Multifamily Market Data:
While emerging from a year of unprecedented change, Atlanta’s multifamily housing market served as a bright spot locally.vCompared to one year prior, Greater Atlanta apartment operators recorded increases in effective rent as inventory growth expanded. After more than 10,100 units came online in the year prior, construction completed on approximately 13,600 units during the 12-month period ending March 2021. Stability from the metro’s reopening economy enabled apartment operators to increase average effective rent by 4.3% annually to $1,326 per month. With 16,900 net move-ins during the last four quarters, the occupancy rate increased 80 basis points year over year to 95.3%. Because of the rise in home prices and a spike in inmigration, the multifamily rental market in Atlanta is expected to remain strong and keep leasing activity vigorous for the remainder of 2021. A big draw to the region is the diversity in job opportunities across high-demand sectors like health care and tech. For example, Google recently announced plans to expand in the metro’s Midtown neighborhood and potentially create thousands of jobs over the next several years.
Across Greater Atlanta, all employment sectors are forecast to post gains this year, with additions in professional and business services sector leading the metro. The economic recovery should keep annual apartment absorption slightly above the five-year average. With new supply and demand nearly at equilibrium, average apartment occupancy is predicted to hold at 94.8% this year. At the same time, operators are expected to accelerate rent growth. After advancing 0.2% in 2020, monthly effective rent is projected to increase 2.0% to $1,303 by year-end.
While employment contracted by nearly 326,000 jobs in the initial reaction to the pandemic, payrolls recovered more than 40% of those headcounts by year-end 2020. The resilient workforce, accelerating in-migration, and slowdown in single-family home completions underpinned a year-over-year increase in annual apartment absorption last year.
On our web site you can read about specific 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.
Keep Caffrey & Company in mind when searching for a Georgia 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.