Loans for Apartments:
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. Call for great rates for commercial and multifamily loans. Caffrey & Company LLC has a special focus in a Des Moines 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.
Des Moines Apartment Owners can help your cash flow impacted by COVID-19 in Polk County.
This video provides information about rent assistance programs available to prevent evictions in Polk County. The programs are designed to keep tenants affected by COVID-19 in their homes, while ensuring landlords receive payment.
Key Market Stats:
- Average rent in Des Moines is $927, according to the most recent research from RENTCafé (as of October 2020).
- Rents in Des Moines have increased by 3% over the past 12 months.
- 54% of the housing units in Des Moines rent for between $701 and $1,000 per month.
- Renter-occupied households make up 43% of the total occupied housing units in Des Moines.
- Most affordable neighborhoods for renters in Des Moines include Oak Park, Highland Park, and Union Park where rents are $640 or less per month.
- Downtown Des Moines, Historic East Village, and Sherman Hill are three of the most expensive neighborhoods in Des Moines for renters, with monthly rents of about $1,145.
- Popular neighborhoods in Des Moines for renters include Downtown Des Moines, Capital East, and Meredith.
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 Des Moines apartment loan. Therefore, this will help 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 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 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 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.
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.
Keep Caffrey & Company in mind when searching for a Iowa 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.