Apartment Loan in Las Vegas:
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 an apartment loan in Las Vegas. Caffrey & Company LLC has a special focus in Las Vegas apartment loans. The most attractive, non-recourse loans 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 $7 million leverage up to 85% is available) you are at the right place. These specialized apartment loan products are available in Las Vegas suburbs including Henderson and Paradise.
Let’s take a look at the Las Vegas Multifamily Market as of June of 2024. As you will see the market is strong arttracting investors from California.
Las Vegas is experiencing a surge in apartment deliveries, with 1,200 to 1,900 units completed each quarter over the past year. Despite this increase in supply, renter demand has outpaced the new inventory, leading to a decline in vacancy rates for Class A and B apartments. The lower average rent in Las Vegas compared to other West Coast markets like Los Angeles, Orange County, and San Diego is attracting more households to relocate to the area, supporting a moderate decrease in local vacancy rates.
The submarkets of Henderson and Southwest Las Vegas have seen significant rental inventory expansion over the past year, with many of these new units already securing leases. Despite the increase in supply, these areas continue to have some of the highest average effective rents in the metro, and their rental demand will be further tested with over 1,300 units currently in progress. Furthermore, Las Vegas is expected to see a 2.2 percent increase in employment, particularly in blue-collar positions, which will contribute to the growing rental demand in the area.
In terms of real estate investment, Las Vegas continues to attract California-based buyers due to its population growth projections and discounted pricing compared to major West Coast markets. The average price point for properties has decreased by 6 percent, with older Class B and C complexes often trading in the $100,000 to $150,000 per door range. Investor interest is particularly high in areas like Henderson and North Las Vegas, where vacancy rates have decreased despite significant inventory growth.
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 an apartment building loan in Las Vegas. Therefore, this will help to achieve the best pricing and loan terms for your multifamily building or commercial real estate investment.
Free Loan Quote for an apartment building loan:
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 understand your investment objectives. 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 apartment loan in Las Vegas loan request.
We understand the financing of an apartment complex is a very important component of your 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. We can review and provide some up-front loan options.
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 $7 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 an Multifamily loan in Las Vegas. Closing costs vary between loan products. Before you reach for your checkbook 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 you find details on several loan products by following these links: 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: Multifamily 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: [email protected]
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
[email protected]
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