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Debt consolidation loans for bad credit to delay the further worsening of credit
The importance of debt consolidation loans can be best understood by people who are suffering with bad credit history. Debt consolidation loans for people with bad credit provides a manner in which they can prevent their financial condition and...
Home Owner Loans Explained
How To Release Equity Locked Up In Your Home For Immediate Use.
Free up the monetary worth tied up in your property by asking your financial advisor for information on a secured home owner loan. These types of loans can be legally used for any...
If I file for Bankruptcy will my student loans get discharged?
So are student loans able to be discharged? In short, probably not. Student loan debts are nondischargeable in Chapter 7 Bankruptcy cases unless paying the debt would cause the debtor "undue hardship." This basic rule also applies to Chapter 13...
Payday Loans: A Helping Hand
Payday Loans: A Helping Hand
Before you decide on taking payday loans online , make sure that you
fully understand what it entails. Let us understand what exactly
what payday loans or a cash advance loan is. Payday loans, as
its...
What are Secured Loans?
Secured loans are one of the most popular personal loans options available today. Their popularity is based on the fact that interest rates are usually lower than other types of loan, and repayments are available over longer time periods. A...
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Tips on Apartment Building and Multi Family Property Loans
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:
*Is the property fully leased (about 95%)?
*Do you want to borrow more than 80% of today's value?
*Are you willing to re-finance the property or are you planning on selling in the
next 3 years or so?
*Will you accept a loan with a large prepayment penalty?
*Do you expect leasing activity in the building over the next 3 years
(either from existing or new tenants) to increase the property value
greater than 25%?
*If the property value is increasing more than 25% over the next 3 years, will the loan request today be 75% or less of the increased value?
*Will 50% of the building leases expire in any one of the next 3 years?
*Are you installing land infrastructure, gutting the building or converting the use?
*Is the property value greater than $10 million?
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.
About the Author
Michael Southard is the Vice President of Security National Capital.
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The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
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