Lake Magdalene is located in a good market for 5+ unit multifamily loans. Multifamily loans in Lake Magdalene are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Lake Magdalene are competitive. Lake Magdalene 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 Magdalene.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lake Magdalene 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 | 6.99% - 7.23% |
| 7 Year Fixed | 6.73% - 6.97% |
| 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 Magdalene.
The city of Lake Magdalene in Hillsborough County has a population of 30,805. The median rent in Hillsborough County for a 2 bedroom is $1,375. The median Lake Magdalene resident is 44 years old with a yearly income of $32,903. The average family has 3.14 members and a median household income of $63,270. Lake Magdalene has a 38% higher education rate. The unemployment rate in Lake Magdalene is 4.3%.
29.4% of Lake Magdalene households are renters.
30.1% median household income spent on rent.
Bedrooms |
Hillsborough County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $1,070 | $822 | $737 |
| 1 bedroom | $1,125 | $891 | $813 |
| 2 bedroom | $1,375 | $1,089 | $1,015 |
| 3 bedroom | $1,786 | $1,448 | $1,325 |
| 4 bedroom | $2,194 | $1,716 | $1,521 |
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