In Norfolk, VA, the commercial lending landscape has seen remarkable activity, with 186 successful closures within the past 90 days. These transactions demonstrate a diverse financial spectrum, with loan amounts ranging from $31,758.00 to an impressive $25,507,000.00. The financing has been secured across a variety of property types, showcasing the city’s dynamic real estate market:
– Apartments: 14 deals
– Single Family Residence: 92 deals
– Retail: 9 deals
– Parking: 1 deal
– Vacant – Commercial: 7 deals
– Residential – Duplex/Triplex/Quadplex: 21 deals
– Mixed Use: 1 deal
– Manufacturing: 1 deal
– Services: 1 deal
– Vacant – Residential: 22 deals
– Office: 2 deals
– Residential Condo: 12 deals
– Vacant – Industrial: 2 deals
– Industrial: 1 deal
Leading the charge among Norfolk’s active commercial lenders are prominent Debt Funds, playing a pivotal role in shaping the city’s real estate landscape:
1. Kiavi Funding
2. United Wholesale Mortgage
3. RCN Capital
4. Lima One Capital
5. LendingOne
6. Velocity Mortgage Capital
These lenders stand out for offering flexible short-term and long-term solutions, contributing significantly to the diversity and growth of Norfolk’s commercial real estate market. As of now, the best interest rate stands at 6.59% for the 30-year fixed Rental Loan, providing competitive terms for investors and property developers in the region.
