Apartment Loan in Phoenix:
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 Phoenix. Caffrey & Company LLC has a special focus in Phoenix 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 all of the Phoenix suburbs including Mesa and Chandler.
Phoenix Multifamily market remains strong with rent growth. Looks like an excellent area for investments and for our lenders loans.
The housing market in Phoenix is experiencing a shift in supply and demand, leading to a recalibration in rent prices. After a period of record inventory expansion, the market is now seeing an increase in leasing activity due to apartment concessions. This has led to a significant number of occupied units in the first quarter of the year, as many local residents who were impacted by high rent growth in 2021 are now seeking new dwellings amid easing rents.
Despite the highest number of completions since 2000, the Class A vacancy rate in Phoenix held steady at 6.6 percent in the first quarter, highlighting the market’s ability to absorb new supply. Submarkets like Avondale-Goodyear-West Glendale and Peoria-Sun City-Surprise have seen significant absorption of rental units, indicating a strong demand for housing in these areas. However, the increase in supply is expected to continue, with local stocks in certain submarkets projected to grow by over 15 percent this year.
Looking ahead, the market is anticipated to see further growth in supply, potentially leading to a decrease in the average effective rent to $1,520 per month by the end of 2024. Job growth is expected to cool to 2.1 percent this year, but major developments such as TSMC and Intel’s plans to build semiconductor fabs in Phoenix by 2028 are likely to drive employment growth beyond 2024. Overall, while the market is experiencing shifts in vacancy rates and rent prices, the future outlook suggests continued development and demand in the Phoenix housing market.
Multifamily Finance 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 Phoenix. Therefore, this will help to achieve the best pricing and loan terms for your apartment 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 Phoenix 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 in Phoenix:
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 an apartment loan in Phoenix?
The closing process normally takes between 45 and 55 days to close an apartment building loan in Phoenix. 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 an Arizona 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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