Multifamily Borrowers Still Have Lots of Options for Constructions Financing

Banks continue to have an appetite for loans on multifamily construction projects.

Investors can still find the financing they need to develop apartment properties.

“If you can get a site to build, there are people who would love to lend on it,” says Bill Leffler, vice president in the multi-housing group of real estate services firm CBRE.

Interest rates remain low and many lenders are willing to make multifamily construction loans. However, these lenders have become more cautious as the cost of construction has grown faster than apartment rents in many parts of the country. Lenders are looking very carefully at the sponsors who ask for construction loans and the markets where they plan to build.

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