The Apartment Loan Process
The first step of the apartment/multifamily financing process is to begin a feasibility study to determine marketability and to market rents and operating expenses. Also required may include a project description or summary, that includes amenities, building and unit plans, preliminary site; rough estimated project cost; and environmental reports. At the end of this initial processing period you may be issued an "Invitation Letter" or written commitment acknowledging that the project is both feasible and setting NOI to be used for underwriting. This agreement will set the maximum mortgage amount based on the debt service coverage ratio, and it finalizes borrower equity requirements. ...
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