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.
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 | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.28% - 7.52% |
| 7 Year Fixed | 6.79% - 7.03% |
| 10 Year Fixed | 6.88% - 7.12% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in El Centro.
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%.
49.2% of El Centro households are renters.
33.3% median household income spent on rent.
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 |
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