Hilo is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Hilo are considered greater risk due to market dynamics. Interest rates for multifamily loans in Hilo are higher than the national average. Hilo 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 Hilo.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hilo 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 | 7.28% - 7.52% |
| 7 Year Fixed | 6.79% - 7.03% |
| 10 Year Fixed | 6.88% - 7.12% |
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 Hilo.
The city of Hilo in Hawaii County has a population of 45,056. The median rent in Hawaii County for a 2 bedroom is $1,690. The median Hilo resident is 40 years old with a yearly income of $29,440. The average family has 3.36 members and a median household income of $63,283. Hilo has a 35% higher education rate. The unemployment rate in Hilo is 5.8%.
39.3% of Hilo households are renters.
39.4% median household income spent on rent.
Bedrooms |
Hawaii County 1 |
Hawaii 2 |
National 2 |
|---|---|---|---|
| Studio | $1,115 | $1,391 | $737 |
| 1 bedroom | $1,282 | $1,553 | $813 |
| 2 bedroom | $1,690 | $1,987 | $1,015 |
| 3 bedroom | $2,173 | $2,739 | $1,325 |
| 4 bedroom | $2,292 | $3,158 | $1,521 |
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