Apartment Loan Refinance?
Thinking of refinancing an apartment loan and wondering where to turn? Apartment Loan Refinance in today's market with constrained capital can be hard to find for both well-healed multifamily portfolio operators and single entity apartment building owners.
Whether the loan to be refinanced is a complex loan blanketing an entire portfolio of a single loan covering one apartment complex, refinancing doesn't have to be a difficult process. Knowing the right steps to get your apartment loan refinance noticed and moved to the top of the underwriting que can be as easy as preparing three simple documents.
Successful Apartment Loan Refinance Steps:
First, you must have a concise and to-the-point Executive Summary. The days of 40 page executive summaries espouses the virtues of every aspect of your property and you background are gone. Underwriter's must review hundreds of files every week. In a nutshell they want to know; who you are, how much you need, and what you need it for... If you can provide them all the information they need in 4-6 short paragraphs you are off to a great start!
Next, you need a solid Sources & Uses document. The sources and uses document is a recap of your 'ask' in a spreadsheet format. Again, it should be very specific to the amount of money needed and should break down all aspects of the loan request. How much to repay the old loan, how much for closing cost, prepay (if ay) and if there is cash out in the request, breifly state a reminder of what the cash it to be used for, i.e. rehab, signage, down payment on another acquisition.
Last but not least is a Proforma. The proforma should give a 3-year look-back with a 5 year pojection. The 3-year look-back should be supported by providing P&L's and Balance Sheets as attachments to the Proforma.
Apartment Loan Refinance Closings!
Apartment loan refinance strategies for lower rates or taking some cash out do not have to be difficult. With the correct approach and a solid team advising you, your apartment loan refinance should be fairly easy to complete. To find out more about apartment loan refinancing for large portfolios or small apartment buildings and all loan sizes contact the aparment loan refinance experts at Dividend America Commercial Lending. For more information contact me directly, Michael Gross, President, firstname.lastname@example.org or call 404-549-6756.
Apartment loan refinance and lending in all 50 states and focusing on apartment loans and multifamily portfolio loan refinances in the markets and submarkets listed in the S&P Case Shiller Home Price Index and the surrounding secondary markets to those cities. We look for opportunities in: Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, Fort Lauderdale, Orlando, San Diego, New York, San Francisco, Phoenix, Atlanta, Tampa Bay, Detroit, Minneapolis-Saint Paul, Charlotte, Dallas / Fort Worth, Portland, Seattle, Cleveland, Oklahoma City, Jacksonville, Indianapolis, Nashville, Kansas City, Louisville, Milwaukee, New Orleans, Philadelphia, Raleigh, Sacramento, Salt Lake City, San Antonio, San Jose, Saint Louis, Tucson, Austin, Baltimore.