Chattanooga is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Chattanooga are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Chattanooga are slightly higher than the national average. Chattanooga 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 Chattanooga.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Chattanooga are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.18% - 7.42% |
| 7 Year Fixed | 6.82% - 7.06% |
| 10 Year Fixed | 6.73% - 6.97% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Chattanooga.
The city of Chattanooga in Hamilton County has a population of 182,799. The median rent in Hamilton County for a 2 bedroom is $900. The median Chattanooga resident is 38 years old with a yearly income of $26,207. The average family has 3.11 members and a median household income of $45,527. Chattanooga has a 30% higher education rate. The unemployment rate in Chattanooga is 6.1%.
47.4% of Chattanooga households are renters.
32.4% median household income spent on rent.
Bedrooms |
Hamilton County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $683 | $618 | $737 |
| 1 bedroom | $746 | $657 | $813 |
| 2 bedroom | $900 | $813 | $1,015 |
| 3 bedroom | $1,173 | $1,073 | $1,325 |
| 4 bedroom | $1,402 | $1,248 | $1,521 |
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