Hot Springs is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Hot Springs are considered greater risk due to market dynamics. Interest rates for multifamily loans in Hot Springs are higher than the national average. Hot Springs 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 Hot Springs.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hot Springs 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 | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 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 Hot Springs.
The city of Hot Springs in Garland County has a population of 38,797. The median rent in Garland County for a 2 bedroom is $849. The median Hot Springs resident is 42 years old with a yearly income of $22,017. The average family has 3.15 members and a median household income of $37,552. Hot Springs has a 20% higher education rate. The unemployment rate in Hot Springs is 5.7%.
45.3% of Hot Springs households are renters.
33.8% median household income spent on rent.
Bedrooms |
Garland County 1 |
Arkansas 2 |
National 2 |
|---|---|---|---|
| Studio | $604 | $535 | $737 |
| 1 bedroom | $644 | $574 | $813 |
| 2 bedroom | $849 | $723 | $1,015 |
| 3 bedroom | $1,068 | $954 | $1,325 |
| 4 bedroom | $1,383 | $1,104 | $1,521 |
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