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Multifamily Loans in
Auburn, AL

Overview

Auburn is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Auburn are considered greater risk due to market dynamics. Interest rates for multifamily loans in Auburn are higher than the national average. Auburn apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Auburn.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Auburn, AL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Auburn are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
10 Year Fixed 3.68% - 3.92%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Auburn may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Lenders in Auburn, AL

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Auburn.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 04, 2021


Auburn Market

The city of Auburn in Lee County has a population of 66,259. The median rent in Lee County for a 2 bedroom is $885. The median Auburn resident is 25 years old with a yearly income of $20,985. The average family has 3.14 members and a median household income of $47,318. Auburn has a 58% higher education rate. The unemployment rate in Auburn is 4.4%.


Population
66,259 people

County
Lee County

Renters

54.4% of Auburn households are renters.


Rent Burden

45.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lee County 1
Alabama 2
National 2
Studio $634 $580 $737
1 bedroom $672 $626 $813
2 bedroom $885 $767 $1,015
3 bedroom $1,158 $1,004 $1,325
4 bedroom $1,318 $1,157 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Auburn Demographics


Median Individual Income
$20,985 / year

Median Household Income
$47,318 / year

Families w/ Dual Incomes
54%

Unemployment Rate
4.4%
Household Income Distribution
Auburn, AL

Median Age
25 years

Avg Family Size
3.14 people
Age Distribution
Auburn, AL

College Education or Above
58%

STEM College Graduates
48%
Education Distribution
Auburn, AL
Source: U.S. Census Bureau

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