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Multifamily Loans in
Cookeville, TN

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Cookeville, TN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cookeville 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 Cookeville 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 Cookeville, TN

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


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


Cookeville Market

The city of Cookeville in Putnam County has a population of 34,706. The median rent in Putnam County for a 2 bedroom is $757. The median Cookeville resident is 30 years old with a yearly income of $21,574. The average family has 2.81 members and a median household income of $38,256. Cookeville has a 34% higher education rate. The unemployment rate in Cookeville is 8.1%.


Population
34,706 people

County
Putnam County

Renters

59% of Cookeville households are renters.


Rent Burden

34.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Putnam County 1
Tennessee 2
National 2
Studio $579 $618 $737
1 bedroom $583 $657 $813
2 bedroom $757 $813 $1,015
3 bedroom $1,042 $1,073 $1,325
4 bedroom $1,152 $1,248 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Cookeville Demographics


Median Individual Income
$21,574 / year

Median Household Income
$38,256 / year

Families w/ Dual Incomes
44%

Unemployment Rate
8.1%
Household Income Distribution
Cookeville, TN

Median Age
30 years

Avg Family Size
2.81 people
Age Distribution
Cookeville, TN

College Education or Above
34%

STEM College Graduates
45%
Education Distribution
Cookeville, TN
Source: U.S. Census Bureau

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