Frankfort is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Frankfort are considered greater risk due to market dynamics. Interest rates for multifamily loans in Frankfort are higher than the national average. Frankfort 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 Frankfort.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Frankfort 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 | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
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 Frankfort.
The city of Frankfort in Franklin County has a population of 27,755. The median rent in Franklin County for a 2 bedroom is $826. The median Frankfort resident is 38 years old with a yearly income of $30,867. The average family has 2.87 members and a median household income of $50,211. Frankfort has a 30% higher education rate. The unemployment rate in Frankfort is 4.0%.
51.3% of Frankfort households are renters.
24.9% median household income spent on rent.
Bedrooms |
Franklin County 1 |
Kentucky 2 |
National 2 |
|---|---|---|---|
| Studio | $559 | $548 | $737 |
| 1 bedroom | $690 | $605 | $813 |
| 2 bedroom | $826 | $763 | $1,015 |
| 3 bedroom | $1,104 | $1,011 | $1,325 |
| 4 bedroom | $1,371 | $1,144 | $1,521 |
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