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Multifamily Loans in
Isla Vista, CA

Overview

Isla Vista is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Isla Vista are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Isla Vista are slightly higher than the national average. Isla Vista apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Isla Vista.

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Isla Vista, CA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Isla Vista are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.19%
7 Year Fixed 3.42% - 4.00%
10 Year Fixed 3.46% - 3.95%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.43% - 3.67%
7 Year Fixed 3.27% - 3.51%
10 Year Fixed 3.68% - 3.92%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.24% - 3.74%
7 Year Fixed 3.12% - 3.70%
10 Year Fixed 3.16% - 3.65%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.56% - 4.06%
7 Year Fixed 3.69% - 4.39%
10 Year Fixed 3.63% - 4.28%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 01/28/2022. This is not an offer or commitment to lend. Multifamily loan rates in Isla Vista 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 Jan 29, 2022


Multifamily Lenders in Isla Vista, CA

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


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 Jan 29, 2022


Isla Vista Market

The city of Isla Vista in Santa Barbara County has a population of 27,707. The median rent in Santa Barbara County for a 2 bedroom is $2,564. The median Isla Vista resident is 21 years old with a yearly income of $9,333. The average family has 2.66 members and a median household income of $24,545. Isla Vista has a 61% higher education rate. The unemployment rate in Isla Vista is 14.4%.


Population
27,707 people

County
Santa Barbara County

Renters

98% of Isla Vista households are renters.


Rent Burden

74.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Santa Barbara County 1
California 2
National 2
Studio $1,867 $1,137 $737
1 bedroom $2,177 $1,291 $813
2 bedroom $2,564 $1,635 $1,015
3 bedroom $3,388 $2,254 $1,325
4 bedroom $3,877 $2,613 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Isla Vista Demographics


Median Individual Income
$9,333 / year

Median Household Income
$24,545 / year

Families w/ Dual Incomes
63%

Unemployment Rate
14.4%
Household Income Distribution
Isla Vista, CA

Median Age
21 years

Avg Family Size
2.66 people
Age Distribution
Isla Vista, CA

College Education or Above
61%

STEM College Graduates
70%
Education Distribution
Isla Vista, CA
Source: U.S. Census Bureau

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