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Multifamily Loans in
Kingsport, TN

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Kingsport, TN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kingsport 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 3.51% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.51% - 3.75%
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 3.22% - 3.47%
7 Year Fixed 3.39% - 3.84%
10 Year Fixed 3.37% - 3.77%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Kingsport 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 08, 2021


Multifamily Lenders in Kingsport, TN

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


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 08, 2021


Kingsport Market

The city of Kingsport in Sullivan County has a population of 54,127. The median rent in Sullivan County for a 2 bedroom is $704. The median Kingsport resident is 45 years old with a yearly income of $24,502. The average family has 2.85 members and a median household income of $42,856. Kingsport has a 27% higher education rate. The unemployment rate in Kingsport is 6.4%.


Population
54,127 people

County
Sullivan County

Renters

37.7% of Kingsport households are renters.


Rent Burden

33.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Sullivan County 1
Tennessee 2
National 2
Studio $515 $618 $737
1 bedroom $536 $657 $813
2 bedroom $704 $813 $1,015
3 bedroom $920 $1,073 $1,325
4 bedroom $1,013 $1,248 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Kingsport Demographics


Median Individual Income
$24,502 / year

Median Household Income
$42,856 / year

Families w/ Dual Incomes
40%

Unemployment Rate
6.4%
Household Income Distribution
Kingsport, TN

Median Age
45 years

Avg Family Size
2.85 people
Age Distribution
Kingsport, TN

College Education or Above
27%

STEM College Graduates
47%
Education Distribution
Kingsport, TN
Source: U.S. Census Bureau

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