SoftQuotes' Freddie Mac 5+ unit multifamily loan rates in Downey, CA are:
Small Balance Loan |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.12% - 6.36% |
| 7 Year Fixed | 6.05% - 6.29% |
| 10 Year Fixed | 6.14% - 6.38% |
Conventional Loan |
$5M to $100M |
|---|---|
| 5 Year Fixed | 5.44% - 5.54% |
| 7 Year Fixed | 5.49% - 5.59% |
| 10 Year Fixed | 5.47% - 5.57% |
The Freddie Mac Small Balance Loan (SBL) program is designed for 5-50 unit apartment buildings and offers 5, 7 & 10 year fixed rate and hybrid ARM loan options. Downey, CA is located in the Western region of the Freddie Mac SBL program and considered a top market. Freddie Mac SBL loan amounts in Downey are $1 million to $7.5 million, with a maximum loan-to-value of 80% for purchase and refinance loans. The minimum debt service coverage ratio (DSCR) in Downey is 1.20x for loan amounts up to $6 million and 1.25x for loan amounts between $6 million and $7.5 million. The Freddie Mac SBL program offers full term interest-only payment options in Downey on loans up to 65% loan-to-value (LTV) for a 0.15% add to the rate. Partial-term interest-only payment options are also available in Downey, for an add to rate. For more on the Freddie Mac SBL program, see our guide on Freddie Mac Small Balance Loan (SBL).
The Freddie Mac Conventional loan program is designed for multifamily properties with loans from $5 million and up. In Downey, CA, this program will generally go to 80% loan-to-value (LTV) for a purchase and 75% loan-to-value (LTV) for a refinance. Most conventional loans in Downey will be required to meet a 1.25% debt service coverage ratio (DSCR). This program has a defeasance prepayment penalty. Unlike the SBL program, Freddie Mac Conventional loans are much more flexible in respect to multifamily property types, loan terms and transaction types. This program offer a variety of floating and fixed rate terms with potentially more interest only payment options.
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