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Multifamily Loans in
East Ridge, TN

Overview

East Ridge is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in East Ridge are considered moderate risk due to market dynamics. Interest rates for multifamily loans in East Ridge are slightly higher than the national average. East Ridge apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in East Ridge.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in East Ridge, TN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in East Ridge 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 3.51% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.51% - 3.75%
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 3.22% - 3.47%
7 Year Fixed 3.39% - 3.84%
10 Year Fixed 3.37% - 3.77%
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 East Ridge 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 East Ridge, TN

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


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


East Ridge Market

The city of East Ridge in Hamilton County has a population of 21,182. The median rent in Hamilton County for a 2 bedroom is $900. The median East Ridge resident is 40 years old with a yearly income of $26,886. The average family has 3.06 members and a median household income of $47,203. East Ridge has a 22% higher education rate. The unemployment rate in East Ridge is 4.3%.


Population
21,182 people

County
Hamilton County

Renters

43.9% of East Ridge households are renters.


Rent Burden

37.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Hamilton County 1
Tennessee 2
National 2
Studio $683 $618 $737
1 bedroom $746 $657 $813
2 bedroom $900 $813 $1,015
3 bedroom $1,173 $1,073 $1,325
4 bedroom $1,402 $1,248 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

East Ridge Demographics


Median Individual Income
$26,886 / year

Median Household Income
$47,203 / year

Families w/ Dual Incomes
50%

Unemployment Rate
4.3%
Household Income Distribution
East Ridge, TN

Median Age
40 years

Avg Family Size
3.06 people
Age Distribution
East Ridge, TN

College Education or Above
22%

STEM College Graduates
43%
Education Distribution
East Ridge, TN
Source: U.S. Census Bureau

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