Loans for Apartments:
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 commercial and multifamily properties. Caffrey & Company LLC has a special focus in providing a Charlotte apartment loan. 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 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 a Charlotte apartment loan. This will help achieve the best pricing and loan terms for your 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 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, 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 for 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 partment 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 a Charlotte apartment 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.
Multifamily Market in Charlotte:
Growing by nearly 25,000 residents in 2020, Charlotte became one of the fastest-growing metropolitan areas in the nation. Elevated in-migration contributed to a net absorption of 2,100 units in the first quarter of 2021 and placed Charlotte amongst the top 10 metros with the highest quarterly leasing activity. Charlotte’s integration of new renters permitted apartment operators to confidently increase average effective rent 1.5% to $1,212 per month, even amid a surplus in multifamily deliveries. Approximately 2,300 units were brought to inventory during this time, setting a brisk pace as builders continue on 16 new properties scheduled for delivery later this year. At an average of 95.6% in the first quarter, there was no change in occupancy compared to the previous quarter. It remained higher than the market’s five-year average of 95.1%. It will take a while for all of metro Charlotte to see a full recovery to pre-pandemic levels, but suburbs like Myers Park demonstrate how young renters priced out of homeownership are still looking for well-rounded amenities and flexible space beyond the urban core. As a result, Myers Park led leasing activity with a net absorption of 450 units and occupancy rising 130 basis points to 95.5%.
Charlotte Metro By the numbers:
New delivers in the fist quarter of 2021 2,285 units; Net YTD absorption 2,171; Unemployment up from 3.30% to 5.0% from First Quarter 2020 to First Quater 2021; Charlotte reported a net population gain of 1.1% to 2.7 million from 2020 to the first quarter of 2021.
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: Apartment Loan Interest Rates.
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.