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Apartment Loan in Memphis:

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 Memphis. Caffrey & Company LLC has a special focus in Memphis 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 Memphis as well as suburbs including:

Collierville, Cooper-Young, East Memphis, Germantown, Harbor Town and Midtown.

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 loans in Memphis.  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 Commercial Real Estate Loans in Memphis:

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 Memphis 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 a Multifamily loan in Memphis.  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.

Memphis Market Data for the Multifamily Properties:

As the Memphis economy rebuilds from the effects of the pandemic, the apartment market has flourished. Employers restored 46,600 jobs since the onset of COVID-19. While tourism-based companies continued to recover, employers in three job sectors increased payrolls beyond year-ago levels: manufacturing; trade, transportation, and utilities; and professional and business services. A portion of the job additions were at Amazon’s second Memphis facility, adding 1,000 employees in late-2020. These economic conditions created tailwinds for apartment demand and rent increases throughout the metro. On an annual basis, net absorption outstripped new supply by more than three times, pushing up occupancy 120 basis points to 95.9%. Effective rent gained 6.6% year over year to $962 per month in the first quarter of 2021. Moreover, most renters prioritized their rent expenses; on-time collections were 94.9% by mid-April, up 130 basis points compared to one year earlier. Supporting future job creation and rental demand will be FedEx’s $1 billion Express Super-Hub to complete by 2025; The Walk on Union, a $1 billion downtown development where construction began in the first quarter of 2021; and St. Jude’s multi-billion expansion plan, slated to add 1,000 new positions.

Memphis Multifamily and Economic Summary:

Greater Memphis Unemployment for early 2020 reported in at 4.7%.  They are not expected to fully recover by the end of 2021 with an anticipated unemployment level of 6.3%. Total Metro jobs in early 2020 654,800 with total jobs at year end 2021 expected to come in near 640,000 jobs. Overall population saw little change with a small 0.4% uptick to 1.400,000.

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 Tennessee 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]