Apartment Loan in Seattle:
Since April of 2000 Caffrey & Company LLC has been helping real estate investors nationwide find the best loan product for commercial real estate investment properties. Call for great rates for an apartment loan in Seattle. Caffrey & Company LLC has a special focus on Seattle apartment loans. The most attractive, non-recourse loan 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 the 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 Seattle suburbs including Tacoma and Bellevue.
Multifamily Investment Highlights markets this year as of June 2024. Is the market a good place to own an apartment building?
The Seattle-Tacoma area is facing a significant housing shortage, with projections indicating the need for 17,000 new homes annually over the next two decades. However, the issuance of single-family permits fell short in 2023, highlighting the continued shortfall in meeting housing demand. Fortunately, over 11,500 apartments are expected to be delivered in 2024 in King and Snohomish counties, which is likely to attract demand from households currently unable to purchase homes.
In terms of construction, the metro area is expected to experience an all-time high for stock growth at 3.0 percent in 2024, but new supply will be limited to South Seattle. Market-wide vacancies are projected to reach 6.4 percent by year-end, with short-term increases expected in specific areas. Additionally, the average effective monthly rent is expected to decrease to $2,118, with easing rents potentially concentrated in Seattle’s core. Employment in the area is also on the rise, with a 1.5 percent expansion expected in 2024, driven by large-scale expansions from major companies such as Amazon, Meta, and TikTok.
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 Seattle. Therefore, this will help to achieve the best pricing and loan terms for your apartment building or commercial real estate investment.
Free Loan Quote:
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:
- 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 Seattle 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 subsidized 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 Seattle. 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 Washington 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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