Apartment Loan in Portland:
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 Portland. Caffrey & Company LLC has a special focus in Portland 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 Portland suburbs including Vancouver and Hillsboro. Be sure to obtain a free loan quote from Caffrey & Co. when searching for a Portland lender.
Let’s take a look at the Portland Apartment Market. Many changes have taken place in the past year. Let’s jump into some details as June 2024:
The Portland apartment sector is expected to experience a short-lived surge in supply, with under 3,900 apartments slated for delivery beyond 2024. Regulatory forces, such as Portland’s Inclusionary Housing policy and Oregon’s seven percent rent cap, are reducing the number of viable apartment projects. Despite near-record deliveries, vacancy rates are projected to reach a two-decade peak in 2024. However, these regulatory forces are also expected to suppress new supply and enable property metrics to recover in the coming years.
The demand for apartments in Portland is on the rise, with population growth noted in 2023 after almost three years of decline. Most new supply is concentrated north of the Columbia River, particularly in Vancouver, which is expected to have strong apartment demand due to demographic trends.
In 2024, the overall inventory is slated to expand by 2.6 percent, and vacancy rates are expected to reach 8.1 percent. This increase in vacancy will cause the market-wide average effective rent to recalibrate to around $1,653 per month. Additionally, job growth is forecasted to move back into positive territory, but at a pace below the trailing decade-long average.
Multifamily Loan Underwriting:
Each loan product has unique underwriting requirements. Above all, how the loan data is presented to the Portland lender can have a negative or positive impact on pricing and loan proceeds. We offer this expert loan underwriting for an apartment building loans in Portland. 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 for an Apartment Loan in Portland:
- 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 Portland 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 an Apartment Loan in Portland:
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 Portland. 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 for apartment loans in Portland 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 Oregon lender for apartment loans. Have a question please call: Mike Caffrey (913) 402-7077 or email: Mike@CaffreyLoans.com
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
Mike@CaffreyLoans.com
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