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Multifamily Loans in
Gadsden, AL

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Gadsden, AL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Gadsden 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 Gadsden 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 Gadsden, AL

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


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


Gadsden Market

The city of Gadsden in Etowah County has a population of 35,000. The median rent in Etowah County for a 2 bedroom is $771. The median Gadsden resident is 40 years old with a yearly income of $20,004. The average family has 3.27 members and a median household income of $32,642. Gadsden has a 15% higher education rate. The unemployment rate in Gadsden is 7.5%.


Population
35,000 people

County
Etowah County

Renters

41.4% of Gadsden households are renters.


Rent Burden

33.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Etowah County 1
Alabama 2
National 2
Studio $598 $580 $737
1 bedroom $602 $626 $813
2 bedroom $771 $767 $1,015
3 bedroom $970 $1,004 $1,325
4 bedroom $1,077 $1,157 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Gadsden Demographics


Median Individual Income
$20,004 / year

Median Household Income
$32,642 / year

Families w/ Dual Incomes
36%

Unemployment Rate
7.5%
Household Income Distribution
Gadsden, AL

Median Age
40 years

Avg Family Size
3.27 people
Age Distribution
Gadsden, AL

College Education or Above
15%

STEM College Graduates
31%
Education Distribution
Gadsden, AL
Source: U.S. Census Bureau

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