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 in the Portland Oregon area. Caffrey & Company LLC has a special focus in providing a Portland 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 Portland 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, 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.
Mutlifamily market information for Portland Oregon:
As the Portland economy continues to recover from the effects of the pandemic, demand for housing is projected to outpace development. After employment contracted nearly 9% in 2020, every employment sector is forecast to post gains over the next 12 months. A significant share of the additions will be among the white-collar industries of information, financial activities, and professional and business services. These positions typically pay one-third higher than the metro average and will contribute to healthy in-migration in 2021. More highly paid jobs will be needed
as the apartment construction wave will crest this year as nearly 7,000 units are scheduled to come online. We witnessed a contributing problem due to the peak deliveries this year were construction delays last year due to disruptions in the labor force and materials pipeline brought on by the pandemic.
Location of develpment will compete for leasing:
Strategically located developments in the Central Portland and the Vancouver submarkets will underpin robust leasing activity in the metro. Whereaas, heightened demand is expected to span all apartment stock this year as average occupancy rises for each class. Overall, Greater Portland occupancy is forecast to elevate 20 basis points year over year to an average of 95.3% by year-end. With occupancy rising amid an influx of new inventory, annual effective rent growth is projected to surpass the five-year average. Even amid city and state rent control legislation, monthly effective rent is forecast to advance 2.3% this year to an average of $1,442.
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.