Apartment Loan

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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 an Orlando 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 as Orlando apartment loan.  Therefore, this will help to 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 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.

Orlando Apartment Market update:

The multifamily real estate market in Orlando proved remarkably resilient last year, a trend that will continue over the next 12 months. Apartment developers delivered new product at a torrid pace; just over 7,500 units were brought online last year. The surge of apartment construction, focused primarily near the booming development hub that is Downtown Orlando, will ramp up even further this year as city officials push forward on plans to expand access to amenities and turn the area into an attractive, walkable urban community. One such strategy is the long-discussed plans to redevelop the former home of the Orlando Sentinel newspaper into a modern, mixed-use office and residential space. About 10,200 apartment units are scheduled to come online metrowide  this year, a 20-year peak, while demand is expected to return to pre-pandemic levels as renters absorb over 6,000 apartment units. The supply-side imbalance will result in occupancy shrinking 130 basis points to 93.6%. Apartment operators will increase effective rent 0.2% to $1,252 this year, reversing course from 2020 when the pandemic softened demand and renter concessions increased. Another promising economic development stoking confidence in the metro’s apartment market is the latest update to the new Brightline high-speed train. The current expansion connecting Miami and the Orlando International Airport will now also add a station connecting passengers directly to the four Walt Disney World theme parks. Scheduled for completion in 2022, this development could play a substantial role in bolstering the recovery of the area’s tourism based economy.

First Quarter 2021 Report for Orlando Florida Apartment Market:

New construction deliveries rose to a 20-year high in 2020 as 7,558 rentals were finalized. Central Orlando, Kissimmee-Osceola County and South Orange County received more than half of the units. Nearly 17,500 apartments are under construction with expected completion dates extending into 2023. A surge in new inventory and job losses weighed on vacancy in 2020. The rate jumped to 5.0 percent, matching the six-year high. Vacancy rose among all classes with the largest annual hike of 110 basis points to 2.6 percent in Class C units. Class A and B each climbed 90 basis points to 5.9 percent and 5.6 percent, respectively. The rise in vacancy hampered rent growth. The average effective rent ended the year at $1,252 per month. Still-tight vacancy in Class C apartments contributed to rent advancing 5.0 percent in these units during 2020 to $975 per month on average. Class A and Class B rent fell 4.9 percent and 2.5 percent, respectively.

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.

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.

Have a question please contact
Mike Caffrey
Telephone: (913) 402-7077