El Paso is located in a good market for 5+ unit multifamily loans. Multifamily loans in El Paso are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in El Paso are competitive. El Paso 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 El Paso.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in El Paso are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.39% - 6.63% |
| 7 Year Fixed | 6.23% - 6.47% |
| 10 Year Fixed | 6.24% - 6.48% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.59% - 5.69% |
| 7 Year Fixed | 5.64% - 5.74% |
| 10 Year Fixed | 5.62% - 5.72% |
All major multifamily lender types are lending in El Paso.
The city of El Paso in El Paso County has a population of 681,728. The median rent in El Paso County for a 2 bedroom is $894. The median El Paso resident is 33 years old with a yearly income of $23,566. The average family has 3.62 members and a median household income of $47,568. El Paso has a 25% higher education rate. The unemployment rate in El Paso is 6.1%.
41.1% of El Paso households are renters.
31.6% median household income spent on rent.
Bedrooms |
El Paso County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $590 | $669 | $737 |
| 1 bedroom | $739 | $738 | $813 |
| 2 bedroom | $894 | $912 | $1,015 |
| 3 bedroom | $1,264 | $1,210 | $1,325 |
| 4 bedroom | $1,522 | $1,407 | $1,521 |
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