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Multifamily Loans in
Cave Spring, VA

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Cave Spring, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cave Spring 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 3.51% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.51% - 3.75%
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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Cave Spring 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 05, 2021


Multifamily Lenders in Cave Spring, VA

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


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 05, 2021


Cave Spring Market

The city of Cave Spring in Roanoke County has a population of 26,001. The median rent in Roanoke County for a 2 bedroom is $1,007. The median Cave Spring resident is 43 years old with a yearly income of $36,231. The average family has 2.87 members and a median household income of $64,793. Cave Spring has a 47% higher education rate. The unemployment rate in Cave Spring is 3.3%.


Population
26,001 people

County
Roanoke County

Renters

36.4% of Cave Spring households are renters.


Rent Burden

24.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Roanoke County 1
Virginia 2
National 2
Studio $686 $833 $737
1 bedroom $795 $897 $813
2 bedroom $1,007 $1,072 $1,015
3 bedroom $1,357 $1,423 $1,325
4 bedroom $1,485 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Cave Spring Demographics


Median Individual Income
$36,231 / year

Median Household Income
$64,793 / year

Families w/ Dual Incomes
51%

Unemployment Rate
3.3%
Household Income Distribution
Cave Spring, VA

Median Age
43 years

Avg Family Size
2.87 people
Age Distribution
Cave Spring, VA

College Education or Above
47%

STEM College Graduates
47%
Education Distribution
Cave Spring, VA
Source: U.S. Census Bureau

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