Clovis is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Clovis are considered greater risk due to market dynamics. Interest rates for multifamily loans in Clovis are higher than the national average. Clovis 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 Clovis.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Clovis are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Clovis.
The city of Clovis in Curry County has a population of 38,319. The median rent in Curry County for a 2 bedroom is $1,006. The median Clovis resident is 31 years old with a yearly income of $23,954. The average family has 3.29 members and a median household income of $43,111. Clovis has a 19% higher education rate. The unemployment rate in Clovis is 7.2%.
44.6% of Clovis households are renters.
28.6% median household income spent on rent.
Bedrooms |
Curry County 1 |
New Mexico 2 |
National 2 |
|---|---|---|---|
| Studio | $664 | $682 | $737 |
| 1 bedroom | $763 | $728 | $813 |
| 2 bedroom | $1,006 | $898 | $1,015 |
| 3 bedroom | $1,351 | $1,212 | $1,325 |
| 4 bedroom | $1,627 | $1,440 | $1,521 |
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