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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cleveland 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 | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
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 | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Cleveland.
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%.
52.3% of Cleveland households are renters.
28.7% median household income spent on rent.
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 |
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