Financing in Charlotte>Question Details

amerjan,  in Charlotte, NC

Apartment Building Financing

Asked by amerjan, Charlotte, NC Sat Feb 9, 2013

I'm looking for lenders willing to finance a small apartment building in Charlotte. Price will not be over $400,000. Looking for terms, rates etc. I have excellent credit and can provide additional information if necessary. Thank you.

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6
Rental Home Loans’ answer
Contact Winston Rowe & Associates at 248-246-2243 or processing@winstonrowe.com

They have nationwide Apartment Building financing for:

Purchase,, refinance & cash out up.

Also check them out online at http://www.winstonrowe.com.

Best of all, they don't have any upfront fees.
0 votes Thank Flag Link Sun Apr 28, 2013
BEST ANSWER
Good morning, Amerjan:
There are many commercial lenders who do multifamily financing. The sweet spot is 7- and 10-year, fixed-rate, 80% LTV financings, although terms and rates will depend on the location, property type, types of tenants served and owner financial profile. Top producers of multifamily loand are: Berkadia, http://www.berkadia.com/default.aspx, Wells Fargo Multifamily Capital https://www.wellsfargo.com/com/financing/real-estate/multi-f… and Walker & Dunlop http://www.walkerdunlop.com and NorthMarq Capital http://www.northmarq.com. These are the neations top producers of apartment loans. HUD has several programs: http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…
So does the North Carolina Housing FInance Agency: http://www.nchfa.com/rental/RDweoffer.aspx

There are plenty of potential pitfalls in purchasing an apartment complex. For example, you may be required to bring the entire building up to code, or make all the first floor units fully accessible to handicapped tenants, or do a remediation if there have been mold, lead, or certain controlled substances in the building. You should have a good set of professionals experienced with multifamily development, renovation, operation and financing to assist you in the evaluation and purchase of this property type. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Sat Feb 9, 2013
You need to connect with a good commerical real estate broker who will have a number of lender contacts that wil finance such a project. Not all lender do commerical oans, regardless of the price. One I can recommend to you is John Vickers, with Keller Williams Commerical. John's contact info:
John Vickers, KW Commerical (704) 575-0667, jv@kwcharlotte.com.

Best success!
Kathleen Turner, ABR, CRS, ePro
KathleenTurnerRealty@gmailcom
1 vote Thank Flag Link Sat Feb 9, 2013
Winston Rowe & Associates is a national No Upfront Fee apartment building finance firm.

If you would like us to review your apartment financing request.

Please call us at 248-246-2243 or email us at processing@winstonrowe.com

Check us out online at http://www.winstonrowe.com
0 votes Thank Flag Link Thu Mar 14, 2013
If you have 20% down payment and you and the property can meet FNMA guidelines you would likely obtain more competitive rates and terms from a non-commercial lender like my company, Guaranteed Rate, Inc.
0 votes Thank Flag Link Sat Feb 9, 2013
What Kathleen said is correct you need a commerical agent, you can also try Cheryl Crawford. She is a well know commerical agent in Charlotte and the surrounding areas.
0 votes Thank Flag Link Sat Feb 9, 2013
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