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Apartment Construction Loan


Looking for commercial construction loans or apartment construction loans? Are you looking to build an apartment, office building, a mixed use, retail center, industrial building, or any other type of commercial property? We've been in the commercial real estate financing business since 1977 and can help! Ocean Pacific Capital is your source for access to the best financing programs from the most aggressive apartment construction investors in the world. When you make the decision to finance your apartment with us, you ensure you are getting the best rate and terms this market has to offer.

The process to obtain an apartment construction loan can be a complex process, which involves several tests. You need our trusted expertise and years of experience to guide you through the process. The first test is the profit test, which will determine an estimate of the value of your finished project and if it will be worth more than it will cost to construct. Similarly, a Loan-to-Value Ratio test will determine, once a project is completed and the commercial property is occupied, the construction loan will be a certain percentage loan-to-value. Most construction lenders will permit up to 80% loan-to-value, which will depend on the borrower's credit, cash flow, and various other factors. Depending on the borrower's qualifications, additional equity may be obtained through a mezzanine loan.

Commercial construction lenders and apartment construction lenders often rely on the loan-to-cost ratio as they do not often trust the appraisal of the building. The loan-to-cost ratio is the calculated percentage of the total cost of the project that the construction lender is being asked to loan or cover for the construction of the project. Normally, developers cover at least 20% of the total cost of the project in the form of free and clear land. However, if the apartment construction loan or commercial construction loan is up to or more than 90% of the cost, the lender will require that the developer obtains more leverage.

The developer may obtain more leverage through a mezzanine loan. When planning construction of an apartment or a commercial property, something to consider is how much the money the property will bring in (income) to qualify for a takeout loan. If a takeout loan is large enough it may be able to pay off the construction loan, allowing the apartment construction lender or the commercial construction lender to get out of the deal. To determine whether or not the takeout loan will be large enough to pay off the apartment construction loan or the commercial construction loan, the construction lender will calculate the Debt Service Coverage Ratio. This ration should be larger than 1.25 and the net income from the project must be larger than 25% than the proposed payments of the loan. The net worth-to-loan size ratio is also important to the construction lender, whether it is an apartment construction loan or a commercial construction loan because the developer's net worth should be at least as large, if not larger, than the loan amount of the project.

For over 31 years, with the lowest and most competitive wholesale rates in the nation, rebate pricing, 80% LTV, 30 years amortization, interest only, and no balloon payments, our programs are the most desired and the first choice of borrowers nationwide. Loan amounts are available starting from $500,000 with no upper limit. We specialize in wholesale commercial loans, wholesale conduit loans, wholesale apartment loans, wholesale apartment financing, wholesale apartment lending, wholesale apartment refinancing, wholesale mixed use loans, and wholesale apartment purchase loans.

We understand what it takes to close a commercial loan because this is what we've been doing since 1977. And as always, we strive to exceed our client's expectations. Our responsibility is to get your loan processed, underwritten and closed in a timely fashion. If you are unsure about the process of obtaining a commercial loan, let us help you. Our commercial loan specialists will be more than happy to answer any questions that you may have. Call us today at 1-800-595-1474 to get started!


Whatever your financing needs,
we will tailor a loan that's right for you.

 

Commercial News for 11/1/14

WSJ.com: Commercial Real Estate

A Bet on Miami Signals Luxury Retail's Urban Shift
General Growth Properties. and Ashkenazy Acquisition are paying $280 million for a 20% stake in the company that owns much of this city?s Design District, betting on the emerging luxury-retail neighborhood as some 50 brands prepare to open new stores.

A Modular-Design Setback in Brooklyn
Advocates of affordable housing and for design innovation cheered in 2011 when Forest City Ratner unveiled plans to push ?modular? construction techniques with a Brooklyn apartment tower. But now Forest City and construction company Skanska USA are suing each other over B2 BKLYN.

Casinos Put Up Hands Near Colleges
Casino gambling may soon be added to the list of campus vices in New York, drawing anticipation from college students and concern from legislators and school officials.

Hotel Family Lays Out a Future
Denihan Hospitality Group is focusing on expansion as it rides the strong hotel market in New York and looks to a new generation of the Denihan family.

London Real-Estate Market May Be Cooling
Homes in the U.K. capital have been among the hottest global assets in recent years, but signs continue to suggest the heat is escaping.

'New Urbanism' Hits the Suburbs
Long Island is seeing a boomlet in alternatives to the long-treasured single-family home, from rental buildings near transit hubs for young people to multistory condo developments often aimed at empty nesters.

Wells Fargo Banks on European Real Estate
Wells Fargo, the largest U.S. commercial-property lender, is pushing deeper into Europe amid worries about the strength of the U.K. market and as eurozone countries slide toward recession.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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