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Updated about 2 years ago on . Most recent reply
What apartment financing can I expect
Hello,
I have a few rental properties (condo's) and I'm looking at my first multi family property (apartment building, 32 units), What type of financing numbers are you seeing for apartment deals given the recent rate increases? I know there are a lot of variables but what should.I use for underwriting? thanks, Brian
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#4 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
A full doc bank loan would be the least expensive, but certainly the most intrusive. Not sure what the rates would be for those, but I just priced a DSCR loan for a 6 unit and at 75% loan to value, the rate was 9.75% on a 30 year fixed. The borrower has a decent credit score, but not great. Hope that gives you some idea.
Similar loan in August closed at 8.25% and it was in the 6's and 7's earlier in the year.