Apartment Building Loans

 

Apartment Building Loans

Multifamily Loans - Apartment Building Financing (5+ Units)

Are you looking to Buy & Hold or Refinance an Apartment Building (5+ units)? We fund apartment building loans from 5 to 400+ units!

Glassridge is an apartment building specialist. Several of our company's founders invest in apartment buildings themselves, and several of our preferred lending partners favor apartment buildings under experienced management over almost all other types of lending.

Glassridge Apartment Building Buy & Hold Loans

The Apartment Building Buy & Hold Hard Money Loan rates & terms listed below are subject to change, and will not apply universally. These are just rough ballpark rates & an outline of the typical terms.

Eligible Property Types:Apartment Building (5+ Units)
Eligible Uses:Acquisition, Refinance, and/or Renovations.
Loan Term:2 - 30+ years.
Min. Loan Balance:$250k (with some exceptions)
Max LTV (Purchase Price):60% - 70%, with up to 80%+ for highly qualified repeat Borrowers.
Max LTV (Rehab Costs):90% - 100%
Interest Rate:6.75% - 10%
Rate Type:Fixed and Variable Rates Available.
Origination Fee:2% - 4%
Processing Costs:$395 - $695

About Our Apartment Building (5+ Unit) Buy & Hold Loans

Apartment buildings are one of the most predictable real estate assets in the market, and with the right team can generate some of the most dependable long-term returns.

There will always be value in apartment buildings, and we're always looking for qualified Borrowers who have what it takes to profitably flip and/or manage them. To learn more about how we can assist you obtaining apartment building financing with some of the best loan rates in the industry, please continue.

As with all our Apartment Building Hard Money Loans, we'll require a property with at least 5+ residential units (and up to 500+ units) to be eligible.

Our typical minimum loan balance with apartment buildings, whether Fix & Flip or Buy & Hold, will be in the $250k range. Some of our better Apartment Building Buy & Hold Loans are only available in the $500k - $750k+ range, and apartment building loans with a balance >$1.5m will be eligible for better programs still.

These apartment building loans are highly dependent on the underlying asset, which is a good thing if you don't necessarily have the greatest credit score. However, with a Max LTV in the range of 60% - 70%, you're going to need to bring significant cash to the table to build a decent amount of instant equity if you want to get the deal done.

Below is some more advice on successfully closing your apartment building hard money loan.

How To Get Apartment Building Hard Money Financing

There are a number of important factors to consider before you jump right into an apartment building loan. Some of the most crucial factors to consider include:

  1. Your apartment building & general real estate background. Do you have what it takes and will you do what's necessary to see a positive ROI? It's important to be honest and candid at this stage, both with your Lender and yourself. Details will be verified.
  2. The apartment building(s) you are seeking to finance. Are you purchasing a new property or refinancing an apartment building you already own?  If you're looking to purchase, is the property under contract? Are you still shopping around? If you're looking to refinance, what are the property's current details (rent roll, expenses, current mortgage, occupancy, etc)?
  3. Your current & projected numbers. Are you simply looking to cash out equity of a positive cashflow building with tenants at or above current market rents? Or are you planning to make improvements, increase occupancy rates, and raise rents to drive up property value? Whether you expect the property to maintain or improve its current numbers, these will be very important to keep in mind during your due diligence. The more realistic & accurate you are at this stage, the easier it will be to fund your loan.

Glassridge can fund deals from 5 to 400+ units, including refinancing existing apartment building(s) and portfolios, as well as funding apartment building rehab / renovation projects.

If you are confident in the above criteria and have a deal (or deals) in mind, we'd love to have you apply for hard money financing or contact one of our US-based real estate financing specialists directly.