I can speak to financing of apartment properties, as we do quite a bit here at the Bank where I work. Most banks underwrite to the cash flow of the property – they’ll want to see the appraiser’s estimate of NOI be sufficient to cover the required P&I payment with a 30Y amortization by a margin of at least 1.25x. This typically limits your LTV to 60-70% depending on the cap rate of the property. A personal guaranty is almost always required, and holding the property in a single-asset LLC is preferred.
Back in the loosey goosey days banks were going much more aggressive, but they’ve all imploded now and credit is much tighter, at least from my POV.
