Lake Elsinore is located in a good market for 5+ unit multifamily loans. Multifamily loans in Lake Elsinore are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Lake Elsinore are competitive. Lake Elsinore apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Lake Elsinore.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lake Elsinore 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 $7.5M |
|---|---|
| 5 Year Fixed | 7.04% - 7.28% |
| 7 Year Fixed | 6.63% - 6.87% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Lake Elsinore.
The city of Lake Elsinore in Riverside County has a population of 69,283. The median rent in Riverside County for a 2 bedroom is $1,506. The median Lake Elsinore resident is 31 years old with a yearly income of $29,345. The average family has 4.08 members and a median household income of $71,476. Lake Elsinore has a 20% higher education rate. The unemployment rate in Lake Elsinore is 8.2%.
32.2% of Lake Elsinore households are renters.
44.4% median household income spent on rent.
Bedrooms |
Riverside County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,035 | $1,137 | $737 |
| 1 bedroom | $1,199 | $1,291 | $813 |
| 2 bedroom | $1,506 | $1,635 | $1,015 |
| 3 bedroom | $2,077 | $2,254 | $1,325 |
| 4 bedroom | $2,567 | $2,613 | $1,521 |
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