Rates are -LOW-
Apartments are still the least difficult type of property to finance.
Below are today’s rates for select apartment loan programs.
Loans $2,000,000+
5/30 4.91% non recourse
7/30 5.37% non recourse
10/30 5.63% non recourse
70-80% LTV, cashout 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 ~$750,000* to $2,000,000+
5/30 5.28% recourse
7/30 5.72% recourse
10/30 6.0% recourse
70-80% LTV, cashout okay, For loans less than 65% LTV and 1.35+ DCR – subtract ~20 bps and non-recourse may be available
*Loans under $1,000,000 priced slightly higher
Loans $500,000 to $2,000,000
3/30 6.25% recourse, low cost, soft prepay
5/30 6.75% recourse, low cost, soft prepay –
Strong loans over $1,000,000 may get better pricing
We also have other options for low leverage loans, loans that don’t restrict secondary financing, no prepay, etc.
The above rates are also available for high quality mobile home parks.
Terrix Financial is closing quite a few apartment loans right now – we know the market and can navigate the system – let us help you and your clients.