504 SBA Loan

Benefits:

Low Down Payment, long term financing, below market fixed interest rates, loan fees can be financed and the loan is assumable

Consists of 3 parts:  Down Payment, 1st, 2nd.

Fees:  Most of the fees are included in the loan

California Banks offer fixed rate loans for Apartment complexes refinancing their mortgage. Banks have underwriting guidelines for obtaining a mortgage for the apartment complex. If the owner fulfills the list and gives the bank the papers and information requested than an underwriting approval can proceed. Fixed rate loans also require an appraisal.

It is important to make sure the apartment complex is fully rented and is in good shape as these factors will affect the ability to obtain a good interest rate, good terms, valuation and approval for the fixed rate loan for the apartment complex.