Rates are still incredibly low right now.
Below are today’s rates for select apartment loan programs – all loans are a case-by case basis.
If you have any clients who bought a property for a long term hold and have a balloon coming up in the next 2 years – now is the time to lock in a nice 10 year fixed rate. Please let me know if I can help.
Loans ~$3,000,000+
5/30 4.30% non recourse
7/30 4.76% non recourse
10/30 5.15% non recourse
70-80% LTV, cash-out okay, non recourse, assumable, can do supplemental financing in future to leverage back up for a buyer (combined with the assumption this avoids the prepay penalty)
Subtract ~20 bps for less than 65% LTV and 1.35+ DCR
Loans ~$1,000,000 to $3,000,000+
5/30 4.6%
7/30 5.0%
10/30 5.4%
70-80% LTV, cashout okay, non-recourse may be available
for loans less than 65% LTV and 1.35+ DCR – subtract ~20 bps
Recent apartment loan closing:
$18,000,000
5.74% 10/30 non-recourse
We also have other options for low leverage loans, loans that don’t restrict secondary financing, no prepay, etc.
The loan programs above are also available for high quality mobile home parks (add 5-10 bp to the rate, however).