Real estate investment has become an extremely popular way for people to try to make money. Owning an apartment or multi family housing unit can be a way to wealth, however, real estate investing requires a lot of time, knowledge and up-front capital.
Apartment building loans are often offered on two different levels. The first usually requires a minimum loan of $500,000, is a smaller unit, but comprised of no less than five units. The second is for loans over $3,000,000, and is designed for financing much larger units such as large apartment complexes, student housing, or senior or assisted living facilities.
Most lenders will provide financing for units in good condition, and have little deferred maintenance. If the building is in poor condition, you may not qualify for a loan, or have to pay a much higher down payment.
Apartment building loan sources are numerous to say the very least. Before speaking with anyone it's helpful to have a list of question you may want to ask. For example:
Apartment building financing, or multifamily property financing, is in a constant state of change. As a result, multifamily finance providers must have thorough knowledge and awareness of available debt programs and be prepared to quickly analyze financing options.
Visit Security National Capital today to learn more about apartment building and multi family property loans.
Michael Southard is the Vice President of Security National Capital.