Apartment Complex Lenders, Multifamily Loans, No Upfront Fees

Jan. 1, 2012 - PRLog -- Apartment Complex Lenders, Multifamily Loans, No Upfront Fees

Winston Rowe & Associates has many commercial real estate loan programs available for multi-family properties and apartment buildings, best of all – they do no charge upfront fees. Most of the banks and investors they work with are looking for opportunities to expand their apartment building portfolios.

You can contact Winston Rowe & Associates at 248-246-2243 or visit them online at

http://www.winstonrowe.com

The following are the apartment and multifamily commercial loan programs.

Fannie Mae:

This program is great for procuring long-term fixed interest rate financing for buildings Borrowers plan to hold. Through Fannie Mae we can finance the acquisition of or refinance of existing apartment buildings five-units and up with loan amounts starting at $750,000. There are five, seven, and ten year fixed interest rate options.

Freddie Mac:

The standard program is very similar to Fannie Mae. However, they are running a special program for loan amounts over $5 million. It is an interest only program on a five-year balloon loan. The loan to value cannot exceed 75% of value no cash-out and 70% of value with cash-out. The interest rate starts at Libor plus 2.50% (which today is 2.75%), and the rate has a ceiling at 6%, meaning the rate can never exceed 6%. The term is five years.  This is the best program in the market for larger apartment buildings, because the interest rate is so low. Payments are roughly half of what they would be under a standard five-year amortizing fixed rate mortgage with Fannie Mae or Freddie Mac.

National Lenders:

Winston Rowe & Associates  works with a number of National Lenders that are looking to fund apartment buildings really anywhere in the Country. Loan sizes must be a minimum of $2 million. Interest rates are in the mid 5% range on a five-year fixed and the mid 6% range on a seven and ten year fixed. Loan to values are typically 75% on a refinance and 80% on acquisition. For cash-out, it varies depending on the transaction, and cash-out is not available on all requests. Amortizations are typically twenty-five to thirty years.

Private Lenders:

Winston Rowe & Associates has many private lenders willing to finance multi-family / apartment buildings. These lenders are conservative and are looking for performing properties. Interest rates are quite a bit higher than traditional bank rates, currently between 8% and 16%. Also, advance rates are typically conservative and will not exceed 70% of the lesser of value or cost. In some cases cash-out refinances are allowed, but typically when that occurs the loan to value is quite a bit below 65% and the Borrower has to have a good use for the money. Terms vary widely depending on the program from one-year to five-years, and some loans are interest only while others will be amortizing sometimes over as much as thirty-years.

Hard Money Lenders:

Winston Rowe & Associates has hard money lenders looking to put high risk capital in place on transitional properties. Often times these are storied properties where the Borrower needs capital for a short-period of time to allow for a stabilization of the property or for some work to be completed. In addition, these lenders are often willing to fund note purchases as well as straight mortgage debt. These lenders won’t typically fund more than 65% of total cost, without regard to existing or end value, and are typically providing that funding on a short-term one to two year basis. However, additional funding can often times be available if there is outside collateral to pledge. In almost all cases the loans are interest only with interest rates between 12% and 18%, and high loan fees between 2% and 6%.

Winston Rowe & Associates has an excellent knowledge based resource for apartment building investors at:

http://www.winstonrowe.com/Free_Real_Estate_Resources.html

Winston Rowe & Associates success is measured by our clients' success, and their mission is to be your source for the most appropriate - and advantageous – apartment building financing solution that helps client achieve their goals.

Winston Rowe & Associates
31408 Harper Ave
Suite 147
Saint Clair Shores MI 48082
248-246-2243

Winston Rowe & Associates has no upfront free apartment building loans in the following states.

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,  Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee,   Texas, Utah, Vermont, Virginia,   Washington, Washington DC, West Virginia, Wisconsin, Wyoming

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Winston Rowe & Associates has many commercial real estate loan programs available for multi-family properties and apartment buildings, best of all – they do no charge upfront fees. Most of the banks and investors they work with are looking for opportunities to expand their apartment building portfolios.