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Multifamily Loans in
Cleveland, TN

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Cleveland, TN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cleveland 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 3.27% - 3.52%
7 Year Fixed 3.44% - 3.89%
10 Year Fixed 3.42% - 3.82%
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 Cleveland 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 Cleveland, TN

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


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


Cleveland Market

The city of Cleveland in Bradley County has a population of 45,504. The median rent in Bradley County for a 2 bedroom is $857. The median Cleveland resident is 35 years old with a yearly income of $24,043. The average family has 3.15 members and a median household income of $44,633. Cleveland has a 25% higher education rate. The unemployment rate in Cleveland is 4.8%.


Population
45,504 people

County
Bradley County

Renters

52.3% of Cleveland households are renters.


Rent Burden

28.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Bradley County 1
Tennessee 2
National 2
Studio $565 $618 $737
1 bedroom $650 $657 $813
2 bedroom $857 $813 $1,015
3 bedroom $1,113 $1,073 $1,325
4 bedroom $1,277 $1,248 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Cleveland Demographics


Median Individual Income
$24,043 / year

Median Household Income
$44,633 / year

Families w/ Dual Incomes
51%

Unemployment Rate
4.8%
Household Income Distribution
Cleveland, TN

Median Age
35 years

Avg Family Size
3.15 people
Age Distribution
Cleveland, TN

College Education or Above
25%

STEM College Graduates
35%
Education Distribution
Cleveland, TN
Source: U.S. Census Bureau

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