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Multifamily Loans in
Florence, AL

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Florence, AL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Florence 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 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
10 Year Fixed 3.68% - 3.92%
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 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Florence 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 04, 2021


Multifamily Lenders in Florence, AL

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


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 04, 2021


Florence Market

The city of Florence in Lauderdale County has a population of 40,797. The median rent in Lauderdale County for a 2 bedroom is $801. The median Florence resident is 36 years old with a yearly income of $22,747. The average family has 2.86 members and a median household income of $40,526. Florence has a 28% higher education rate. The unemployment rate in Florence is 4.9%.


Population
40,797 people

County
Lauderdale County

Renters

47.9% of Florence households are renters.


Rent Burden

31.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lauderdale County 1
Alabama 2
National 2
Studio $562 $580 $737
1 bedroom $621 $626 $813
2 bedroom $801 $767 $1,015
3 bedroom $1,010 $1,004 $1,325
4 bedroom $1,299 $1,157 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Florence Demographics


Median Individual Income
$22,747 / year

Median Household Income
$40,526 / year

Families w/ Dual Incomes
39%

Unemployment Rate
4.9%
Household Income Distribution
Florence, AL

Median Age
36 years

Avg Family Size
2.86 people
Age Distribution
Florence, AL

College Education or Above
28%

STEM College Graduates
37%
Education Distribution
Florence, AL
Source: U.S. Census Bureau

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