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Multifamily Loans in
Chattanooga, TN

Overview

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.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Chattanooga, TN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Chattanooga 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 3.22% - 3.47%
7 Year Fixed 3.39% - 3.84%
10 Year Fixed 3.37% - 3.77%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Chattanooga 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 08, 2021


Multifamily Lenders in Chattanooga, TN

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


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 08, 2021


Chattanooga Market

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%.


Population
182,799 people

County
Hamilton County

Renters

47.4% of Chattanooga households are renters.


Rent Burden

32.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Chattanooga Demographics


Median Individual Income
$26,207 / year

Median Household Income
$45,527 / year

Families w/ Dual Incomes
48%

Unemployment Rate
6.1%
Household Income Distribution
Chattanooga, TN

Median Age
38 years

Avg Family Size
3.11 people
Age Distribution
Chattanooga, TN

College Education or Above
30%

STEM College Graduates
40%
Education Distribution
Chattanooga, TN
Source: U.S. Census Bureau

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