Apartment Loan in Tampa:
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 Tampa. Caffrey & Company LLC has a special focus on Tampa 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 Tampa and its suburbs including St. Petersburg, Clearwater, Indian Rock, Redington Shores, Belleair, Seminole, and Oldsmar.
Let’s see how the multifamily market has been holding up as of mid-2024.
Tampa-St. Petersburg is experiencing a misalignment of supply and demand, with a record high number of completions in the first quarter leading to rising vacancy rates and falling rents. However, there has been a substantial increase in apartment demand, with more units absorbed in the first quarter of 2024 than in the previous two years combined. This suggests that rent growth may return to positive territory when development moderates after 2024.
South Tampa stands out as a case study of realigning supply and demand, with the only year-over-year vacancy decline in the Tampa-St. Petersburg metro area. The submarket is expected to continue experiencing positive demand trends due to its proximity to St. Petersburg and Central Tampa, with few new apartment deliveries expected this year. On the other hand, New Tampa-East Pasco County anticipates a significant portion of the new units in 2024, potentially hindering the area’s recent downward vacancy momentum.
The metro anticipates a record year of completion in 2024, with inventory expected to expand by 2.9 percent. Tampa-East Pasco County and Central Tampa will welcome approximately two-thirds of the new apartments. However, vacancy is projected to rise for a third straight year and reach 7.0 percent by December, the highest level observed since March 2012. The average effective rent in Tampa-St. Petersburg is expected to slightly decrease for a second consecutive year to $1,781 per month, still sitting 42 percent higher than the 2019 mean.
Hiring is expected to slow in 2024, primarily in the trade, transportation, and utilities industries. Despite this, new jobs added in the education and health services sector will contribute to total employment growing by 0.8 percent.
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 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 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.
In conclusion can read about specific loan products. 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: 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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