Connecticut Apartment Mortgage Loans

According to The National Multi Family Housing council, as of 2012, Connecticut had 343,838 residents living in apartment units. That is over 10% of the state population. In New Haven, the vacancy rate as of the end of 2013 was 2.2% which was the lowest of the 79 metro areas in the U.S ( tracked by Reis, inc.) The average rent rose 2.5% to $1154. So quite obviously owning an apartment building in Connecticut is still a very strong business to be in.

At Northeast Financial we offer apartment financing for those looking to purchase or refinance buildings that have 5 units or more. The maximum loan to value for these properties is 70%. These are stated income programs that are perfect for self employed borrowers or for those who have been turned down by a bank. One of the advantages of this program is the speed of the transaction. These loans can be closed in as little as three weeks time. The average minimum score is 650 but we can work with those borrowers who have a score lower than that ( with a letter of explanation for the poor credit profile).

In order to underwrite the file just light documentation is needed. We will need an application filled out, a current rent roll, as well as a schedule of all real estate currently owned. A personal financial statement for all applicants will be helpful as will pictures of the subject property.