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Multifamily Loans in
Florida Ridge, FL

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Florida Ridge, FL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Florida Ridge 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 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Florida Ridge 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 08, 2021


Multifamily Lenders in Florida Ridge, FL

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


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 08, 2021


Florida Ridge Market

The city of Florida Ridge in Indian River County has a population of 22,372. The median rent in Indian River County for a 2 bedroom is $1,117. The median Florida Ridge resident is 44 years old with a yearly income of $25,783. The average family has 3.89 members and a median household income of $48,946. Florida Ridge has a 19% higher education rate. The unemployment rate in Florida Ridge is 8.9%.


Population
22,372 people

County
Indian River County

Renters

16.1% of Florida Ridge households are renters.


Rent Burden

36.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Indian River County 1
Florida 2
National 2
Studio $737 $822 $737
1 bedroom $930 $891 $813
2 bedroom $1,117 $1,089 $1,015
3 bedroom $1,508 $1,448 $1,325
4 bedroom $1,765 $1,716 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Florida Ridge Demographics


Median Individual Income
$25,783 / year

Median Household Income
$48,946 / year

Families w/ Dual Incomes
47%

Unemployment Rate
8.9%
Household Income Distribution
Florida Ridge, FL

Median Age
44 years

Avg Family Size
3.89 people
Age Distribution
Florida Ridge, FL

College Education or Above
19%

STEM College Graduates
39%
Education Distribution
Florida Ridge, FL
Source: U.S. Census Bureau

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