Apartment Loan in Riverside
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 Riverside. Caffrey & Company LLC has a special focus in Riverside apartment loans. The most attractive, non-recourse loans terms start at $1,000,000 for multifamily properties in the Inland Empire Area. 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 Riverside suburbs including San Bernardino and Ontario.
Apartment Market data as of the second quarter of 2024.
The Inland Empire’s apartment market has experienced a positive shift in net absorption following six consecutive quarters of negative absorption, resulting in a decrease in vacancy rates. With over 1,500 units absorbed on net from October 2023 to March 2024, the outlook for the metro area has improved. However, potential near-term challenges may arise as developers are currently working on 5,700 units, with half of them concentrated in Southwest Riverside County. The area’s proximity to Orange County and San Diego suggests that the new units may attract both local residents and households relocating from nearby metros in search of more affordable luxury rents.
Supply and demand dynamics vary across submarkets with differing vacancy rates. Some areas, such as Redlands and Coachella Valley, have experienced vacancy compression, while others like Fontana-Rialto-Colton and Rancho Cucamonga-Upland have seen increases in vacancy rates. Looking ahead, these submarkets may continue to diverge, with differing pipeline activity and construction levels.
The multifamily 2024 outlook for the Inland Empire indicates an increase in apartment inventory, a reduction in vacancy rates, and moderate rent growth. While positive net absorption has minimized the impact of supply additions on vacancy rates, the metro’s vacancy rate remains 130 basis points above its long-term average. Additionally, the local average rent of $2,209 per month is still significantly lower than other major Southern California markets. Employment growth is expected to be supported by population gains and hiring in the health services and government sectors, offsetting a decline in white-collar roles.
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 loans in Riverside. 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 loan in Riverside, California:
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 Riverside 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 in Riverside California:
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 apartment building loan in Riverside. 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 California 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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