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Multifamily Loans in
Danville, VA

Overview

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

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Multifamily Loan Rates in Danville, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Danville 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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Danville 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 05, 2021


Multifamily Lenders in Danville, VA

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


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 05, 2021


Danville Market

The city of Danville in Danville city has a population of 40,044. The median rent in Danville city for a 2 bedroom is $733. The median Danville resident is 41 years old with a yearly income of $22,419. The average family has 2.84 members and a median household income of $37,203. Danville has a 18% higher education rate. The unemployment rate in Danville is 8.5%.


Population
40,044 people

County
Danville city

Renters

48.5% of Danville households are renters.


Rent Burden

31.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Danville city 1
Virginia 2
National 2
Studio $491 $833 $737
1 bedroom $556 $897 $813
2 bedroom $733 $1,072 $1,015
3 bedroom $969 $1,423 $1,325
4 bedroom $1,113 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Danville Demographics


Median Individual Income
$22,419 / year

Median Household Income
$37,203 / year

Families w/ Dual Incomes
38%

Unemployment Rate
8.5%
Household Income Distribution
Danville, VA

Median Age
41 years

Avg Family Size
2.84 people
Age Distribution
Danville, VA

College Education or Above
18%

STEM College Graduates
44%
Education Distribution
Danville, VA
Source: U.S. Census Bureau

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