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 multifamily loans in Las Vegas, Nevada. Caffrey & Company LLC has a special focus in a Las Vegas 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 Las Vegas apartment loan. 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 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 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.
Multifamily Market Data for Las Vegas:
The Las Vegas metro continued the upward trajectory with population and job growth well ahead of the national average. Tourism related projects are the fuel behind this growth. With over thirty percent of the workforce in the entertainment or hospitality industries. Already on the drawing boards Las Vegas is expected to see an additional sixteen billion in tourism related projects. In addition with the transfer of NFL Raiders to Las Vegas a new 1.8 billion stadium is under construction. With the addition of the stadium and luxury hotel-casino developments, Las Vegas tourism will continue to be the key driver for the market.
West coast migration adds to the Las Vegas population:
We have seen migration from the west coast, Los Angeles, San Diego the Inland Empire to the more affordable Las Vegas Market.
By the numbers:
Last year Las Vegas had a net increase in population of nearly 48,000 with more than 21,600 new jobs. Total rental units for 2019 came to 216,550, new construction added 2,160 units with the market absorption of 2,340. The occupancy rate shows a strong 95.6% with effective rents compared to the west coast at an affordable $1,071 per unit per month. This is on top of an impressive rent growth rate of 8% for 2019.
Demand forecast for multifmaily units in Las Vegas is strong:
The demand for value-add opportunities is met with active bidding. Cap rates for such assets have continued to decline in 2019 with expectations for further cap rate compression for 2020. As a result, core-plus and core opportunities are quickly becoming an attractive investment opportunity, and investors are shifting strategies to obtain suitable assets at a favorable price.
The economic forecast for multifamily properties in Las Vegas looks strong for the years to come.
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 Nevada 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.