#6 Appraisal and Property Inspection
CONCLUSION Securing a commercial loan for an apartment building requires careful planning and preparation. Understanding the key requirements from commercial banks—including liquidity, down payment, experience, and financial metrics like creditworthiness and DSCR—can help ensure a smooth loan application process. If you’re unsure about meeting these requirements or navigating the commercial loan landscape, it may be helpful to work with a commercial mortgage broker who can guide you through the process and help you find the best financing options for your needs. Before approving a loan, banks will require an independent appraisal of the property. This appraisal determines the market value of the apartment building and ensures that it is worth the loan amount. In addition to the appraisal, lenders may also request a property inspection to assess the condition of the building, identifying any potential maintenance issues that could affect the property’s long-term value.
PATRICK MARIN-FINN Senior Loan Officer Convoy Capital patrick@convoy-cap.com
Patrick helps secure commercial financing for an array of property types including multifamily, office, industrial, retail, land, and construction. He is well connected with national and regional funding sources including commercial banks, private & hard money lenders, agency lenders, & CMBS lenders.
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