Apartment Loan Request | Important Tools for Filing
Apartment loans tend to be some of the largest loans handed out by major lenders, which is why an apartment loan request does have very specific needs that are designed to reassure banks that your investment is sound, and that your apartment loan request is worth their risk.
Ideally, it’s best to have as much of this documentation as possible ready for the lenders. This ensures that your loan is able to move forward easily, without missing information holding it back.
What You Need For Your Apartment Loan Request
Much of what you need is financial and based on your investment. But you also need:
- Photos of the Property
Lenders want to get an idea of whether or not your commercial rental property is in good condition and a desirable place for potential renters. They want to see at least 5 photos of the property – if not more –to provide some subjective evaluation and make sure that the entire apartment is in good condition.
- Rent Roll
Apartment investment properties are only as valuable as the rent they bring in. Lenders want to know who is paying rent, how much rent they are paying, and whether or not the investment is likely to pay off both for you and the banks.
- Seismic Map
Lenders plan for all contingencies. They’ll want to know that your complex is not on a fault line, that you’re not in the path of regular floods, and more. If your commercial property is at risk for any environmental damage, your lenders may require insurance related to that environmental damage (for example, earthquakes, floods, tornados, etc.).
- Additional Properties
Much like credit cards from credit card companies, lenders also want to know what assets and debts you hold in other properties. This will tell them how you run your businesses, whether or not you can handle the work of an additional property, if you have a history of successfully managing properties, and more.
- Appraisal
Some companies may also require an appraisal, while others can be completed without them. Your apartment loan requests are often based on the LTV, or Loan to Value Ratio, and the appraisal of the property plays a large role in that.
Help Through the Process
Apartment loan requests can be messy, which makes sense given the size of these loans. It’s even more difficult to find a lender that will give you the best rate and be willing to take on the risk. That’s why working with CRE Lender is such a smart choice. You’ll be able to find the most competitive loan possible, get help preparing your loan request, and someone to help you compare and contrast all of the different loan options. Sign up with CRE Lender today to find out more.
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