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Multifamily Loans in
Charleston, SC

Overview

Charleston is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Charleston are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Charleston are slightly higher than the national average. Charleston 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 Charleston.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Charleston, SC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Charleston 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 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Charleston 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 Charleston, SC

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


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


Charleston Market

The city of Charleston in Charleston County has a population of 137,566. The median rent in Charleston County for a 2 bedroom is $1,317. The median Charleston resident is 35 years old with a yearly income of $37,962. The average family has 2.97 members and a median household income of $68,438. Charleston has a 53% higher education rate. The unemployment rate in Charleston is 3.4%.


Population
137,566 people

County
Charleston County

Renters

44.4% of Charleston households are renters.


Rent Burden

32.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Charleston County 1
South Carolina 2
National 2
Studio $1,091 $697 $737
1 bedroom $1,155 $732 $813
2 bedroom $1,317 $879 $1,015
3 bedroom $1,685 $1,158 $1,325
4 bedroom $2,194 $1,369 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Charleston Demographics


Median Individual Income
$37,962 / year

Median Household Income
$68,438 / year

Families w/ Dual Incomes
56%

Unemployment Rate
3.4%
Household Income Distribution
Charleston, SC

Median Age
35 years

Avg Family Size
2.97 people
Age Distribution
Charleston, SC

College Education or Above
53%

STEM College Graduates
43%
Education Distribution
Charleston, SC
Source: U.S. Census Bureau

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