3 Crucial Steps to Shop for the Best Apartment Loan

Written by jordan on . Posted in Blog

Here is an article from one our affiliates on how to get the best loan:

by Henry Young


1. GET YOUR PAPERWORK IN ORDER:
Make sure you have your Rent Roll updated and Income/Expense Statements for the last 2 years on the building available. Every lender is going to need this information along with your tax returns so you can get a head start by having this paperwork ready.

2. DON’T FOCUS JUST ON THE RATE: Besides getting a quote on the rate, make sure you find out and understand the other terms of the loan: type of prepay, lender fees, good faith deposits, loan maturity, amortization term, is the loan assumable and what happens after the fixed period? Remember this: A lower rate doesn’t always mean it’s the best loan for you!

3. ESTABLISH A RELATIONSHIP WITH A LENDER: Choose a lender that is going to take the time to review and understand your entire real estate portfolio and develop a financing plan not just for this one transaction, but for future needs as well.

If you would like more information on this article or would like to speak to an Apartment Loan Specialist that can help you with all of the above, please contact Fortune Bancorp at (888) 889-8757 or email Darren DiMarco at darren@fortunebancorp.com.

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