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Multifamily Loans in
El Centro, CA

Overview

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

Get multifamily loan quotes for Dec 06, 2021


Multifamily Loan Rates in El Centro, CA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in El Centro 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 3.73% - 3.97%
7 Year Fixed 3.54% - 3.78%
10 Year Fixed 3.78% - 4.02%
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 12/05/2021. This is not an offer or commitment to lend. Multifamily loan rates in El Centro 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 06, 2021


Multifamily Lenders in El Centro, CA

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


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 06, 2021


El Centro Market

The city of El Centro in Imperial County has a population of 44,079. The median rent in Imperial County for a 2 bedroom is $1,113. The median El Centro resident is 33 years old with a yearly income of $20,098. The average family has 4.31 members and a median household income of $47,864. El Centro has a 18% higher education rate. The unemployment rate in El Centro is 13.1%.


Population
44,079 people

County
Imperial County

Renters

49.2% of El Centro households are renters.


Rent Burden

33.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Imperial County 1
California 2
National 2
Studio $744 $1,137 $737
1 bedroom $850 $1,291 $813
2 bedroom $1,113 $1,635 $1,015
3 bedroom $1,517 $2,254 $1,325
4 bedroom $1,883 $2,613 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

El Centro Demographics


Median Individual Income
$20,098 / year

Median Household Income
$47,864 / year

Families w/ Dual Incomes
45%

Unemployment Rate
13.1%
Household Income Distribution
El Centro, CA

Median Age
33 years

Avg Family Size
4.31 people
Age Distribution
El Centro, CA

College Education or Above
18%

STEM College Graduates
47%
Education Distribution
El Centro, CA
Source: U.S. Census Bureau

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