Fairbanks is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Fairbanks are considered greater risk due to market dynamics. Interest rates for multifamily loans in Fairbanks are higher than the national average. Fairbanks 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 Fairbanks.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Fairbanks 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 $6M |
|---|---|
| 5 Year Fixed | 6.63% - 6.87% |
| 7 Year Fixed | 6.29% - 6.53% |
| 10 Year Fixed | 6.43% - 6.67% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Fairbanks.
The city of Fairbanks in Fairbanks North Star Borough has a population of 30,917. The median rent in Fairbanks North Star Borough for a 2 bedroom is $1,380. The median Fairbanks resident is 28 years old with a yearly income of $31,494. The average family has 3.22 members and a median household income of $62,602. Fairbanks has a 27% higher education rate. The unemployment rate in Fairbanks is 7.7%.
64.2% of Fairbanks households are renters.
31.1% median household income spent on rent.
Bedrooms |
Fairbanks North Star Borough 1 |
Alaska 2 |
National 2 |
|---|---|---|---|
| Studio | $911 | $908 | $737 |
| 1 bedroom | $1,047 | $1,012 | $813 |
| 2 bedroom | $1,380 | $1,281 | $1,015 |
| 3 bedroom | $1,975 | $1,685 | $1,325 |
| 4 bedroom | $2,389 | $1,938 | $1,521 |
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