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Multifamily Loans in
Covington, KY

Overview

Covington is located in a good market for 5+ unit multifamily loans. Multifamily loans in Covington are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Covington are competitive. Covington apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Covington.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Covington, KY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Covington 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 $7.5M
5 Year Fixed 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Covington 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 04, 2021


Multifamily Lenders in Covington, KY

All major multifamily lender types are lending in Covington.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 04, 2021


Covington Market

The city of Covington in Kenton County has a population of 40,341. The median rent in Kenton County for a 2 bedroom is $989. The median Covington resident is 36 years old with a yearly income of $25,864. The average family has 3.19 members and a median household income of $43,437. Covington has a 25% higher education rate. The unemployment rate in Covington is 7.9%.


Population
40,341 people

County
Kenton County

Renters

51.2% of Covington households are renters.


Rent Burden

31.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kenton County 1
Kentucky 2
National 2
Studio $653 $548 $737
1 bedroom $754 $605 $813
2 bedroom $989 $763 $1,015
3 bedroom $1,343 $1,011 $1,325
4 bedroom $1,539 $1,144 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Covington Demographics


Median Individual Income
$25,864 / year

Median Household Income
$43,437 / year

Families w/ Dual Incomes
52%

Unemployment Rate
7.9%
Household Income Distribution
Covington, KY

Median Age
36 years

Avg Family Size
3.19 people
Age Distribution
Covington, KY

College Education or Above
25%

STEM College Graduates
32%
Education Distribution
Covington, KY
Source: U.S. Census Bureau

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