Refinance Loans for Apartment Buildings & Multifamily Developments
As the markets begin to change and the opportunities to purchase distressed apartment building and multifamily developments begins to dry up, many investors are entering into phase two of their investment. Refinancing high interests bridge loans for apartment buildings and multifamily developments.
Great rates are still available for the refinance of multifamily development and apartment building assets that have beens stabilized. Refinancing a bridge loan or hard money loan used in the purchase and repositioning of a distressed apartment building or multifamily development into a much lowere interest rate loan with a fixed period is possible but that window is closing.
Investors should know a few things when approaching a refinance of an apartment building loan or multifamily development bridge loan. First, make sure the asset has been stabiliized for at lease 12 months. Stabilization usually means an occupancy rate of 85% or higher.
Second, investors should make sure that that they have calculated expenses properly. Remember that if no 'management' fee has been included in your expenses the underwriter will most definitley apply a 7% fee to the bottom line expenses to adjust the NOI.
Finally, when considering a refinance of an apartment building loan or multifamily development loan, always consider the provider. You want to deal with someone with the experience and knowhow to get the job done and successfully close. Whether a straight refinance to obtain a lower rate (right now rates are as low as 5%) or whether seeking a cash-out refinance, go with a source that can and will get you to the closing table!
Dividend America Commercial Lending and Multifamily Loan Store (dot)Com are experts at completing refinance loans for apartment buildgins and multifamily devleopments. To find out more give Michael Gross a call at 404-819-4511 email your questions at firstname.lastname@example.org.
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