Apartment Loan in New Haven, CT:

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 New Haven. Caffrey & Company LLC has a special focus in New Haven, CT 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 New Haven as well as suburbs including Cheshire, Madison, Dwight, Milford and Orange.

Let’s see how the lenders will view the Multifamily market health as of June of 2024:

1. New Haven County experienced rapid rent growth, outpacing every major U.S. market over the past year.
2. The percentage of local units offering concessions fell below 20.0 percent, while the national rate rose above that level.
3. Class A vacancy tightened, while Class C vacancy rose nominally over the last six months.
4. Nearly 900 units were absorbed over the past six months, the strongest two-quarter span since mid-2019.
5. A rise in deliveries this year is expected to outstrip demand, stalling the recent vacancy trend.
6. Average effective Class A and C rents rose over 10 percent in the last year.
7. Low vacancy and rapid rent rises for Class A and C options may push demand to mid-tier rentals in the short term.
8. The gap between mid- and lower-tier rents shrank 13 percent in the last year.
9. New Haven’s overall inventory expanded by 1.3 percent, marking the second-largest growth during a calendar year since at least 2007.
10. Elevated supply growth, paired with more moderate demand, is expected to lift vacancy up to 4.1 percent in 2024.
11. New Haven’s job tally is anticipated to contract by 0.3 percent in 2024.

12. While marketwide vacancies for mid- and lower-tier units each increased over the past year, the Class A rate fell to 4.4 percent in March.

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 New Haven.  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 New Haven, CT:

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 New Haven 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 New Haven.  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 Connecticut 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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