Apartment Loan in

Tampa

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Apartment Loan in Tampa:

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 Tampa. Caffrey & Company LLC has a special focus in Tampa 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 Tampa and suburbs including St. Petersburg, Clearwater, Indian Rock, Redington Shores, Belleair, Seminole and Oldsmar.

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 Tampa.  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 Tampa 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 an apartment building loan in Tampa.  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.

4Q2020 Tampa St Petersburg Multifamily Market Report

The area is benefitting significantly from the migration of people to the Sunbelt with over 29,000 residents having relocated to the metro every year for the past eight years.  As with all areas, the Tampa St Petersburg metro suffered job loss due to the shutdown but the area recovered 92,500 jobs with unemployment falling to 6.1% from its peak of 13.8% at the height of the pandemic.  The majority of the jobs returned in the government, financial and manufacturing sectors with hospitality and professional and business services continuing to struggle.  Additionally, income has seen a 6% rise year over year at midyear.  With the resurgence of many high to mid level paying jobs and incomes rising, the multifamily market is set to benefit with demand and rents increasing from these factors.

By the numbers

In the third quarter of 2020, 1600 new units were completed with 11,100 new units set to be completed by 2022.  Vacancy fell 60 basis points and sits around 4.3%, with Class A and B falling 70 and 90 basis points respectively.  The increasing demand led to an increase in effective rents which rose around 1.9% to $1,269 per month.  Average sales price remained constant while cap rates fell 10 basis points to around 6.2 percent.

In conclusion can read about specific loan products. Freddie MacFannie 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:   Apartment Loan Interest Rates.

Keep Caffrey & Company in mind when searching for a Florida lender for apartment loans.  Have a question please call:  Mike Caffrey (913) 402-7077 or email: Mi[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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