Apartment Loan

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Loans for Apartments:

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 commercial and multifamily loans.  Caffrey & Company LLC has a special focus in providing a Phoenix apartment loan.  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 value (Over $5 million leverage up to 83% to 85% is available) you are at the right place.

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 a Phoenix apartment loan.  Therefore, this will help to achieve the best pricing and loan terms for commercial real estate investment.  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:

  • 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, reposition the property (renovations).

Next we will need to know your objective, 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 loan request.

We understand the financing of an apartment complex is a very important component of the 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.

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 $5 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 the loan.  Closing costs vary between loan products.  Before you put any funds out 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.

The Phoenix Multifamily market informaiton:

1Q2021 Phoenix Multifamily Market Report:

In comparison with other cities across the US, Phoenix’s economy remained strong throughout the pandemic.  The unemployment in Phoenix during the pandemic was only half of that of the national average and Phoenix permitted business to open much earlier and at a higher rate than other cities around the country.  These factors drove growth in the Phoenix business sector and encouraged the migration to the metro.  The metro witnessed a net migration of 75,000 residents.  There looks to be significant job growth in the area, as well, as companies such as Zip Recruiter, Aetna and Amazon have all recently signed sizable leases in the area with Amazon even pledging to add 3000 new jobs to the area.  The population growth combined with the attraction for companies will allow Phoenix’s economy to remain steady and drive demand for multifamily housing.  Demand is rising at a higher rate than supply leading to expected low vacancy throughout 2021.  The majority of new units are being built in the Western Phoenix area but other surrounding areas are still seeing prominent growth.  The increase in supply in the central metro and surrounding metros is expected to drive further demand as prospective employees of firms are continuing to migrate to the areas and surrounding areas.

By the numbers:    

In 2021, there is an expected creation of 50,000 new jobs which is within 1 percent of the pre-pandemic employment level.  Inventory is expected to grow at 3.3% with 12,000 new units being completed during 2021.  Vacancy is anticipated to decline by 30 basis points to 3.5% and effective rent is anticipated to climb 7.2% to $1,338 per month.  Transaction velocity for Class A and B assets dipped around 20 percent while Class C assets dipped only around 12 percent.  The average price of properties increased by 13.5% to $163,400.

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 an Arizona 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:, 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:

Have a question please contact
Mike Caffrey
Telephone: (913) 402-7077
[email protected]