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Multifamily Loans in
Lubbock, TX

Overview

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

Get multifamily loan quotes for Dec 03, 2021


Multifamily Loan Rates in Lubbock, TX

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lubbock 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.56% - 3.80%
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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/02/2021. This is not an offer or commitment to lend. Multifamily loan rates in Lubbock 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 03, 2021


Multifamily Lenders in Lubbock, TX

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


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 03, 2021


Lubbock Market

The city of Lubbock in Lubbock County has a population of 258,862. The median rent in Lubbock County for a 2 bedroom is $952. The median Lubbock resident is 30 years old with a yearly income of $25,634. The average family has 3.16 members and a median household income of $50,453. Lubbock has a 32% higher education rate. The unemployment rate in Lubbock is 3.7%.


Population
258,862 people

County
Lubbock County

Renters

48.8% of Lubbock households are renters.


Rent Burden

35.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lubbock County 1
Texas 2
National 2
Studio $677 $669 $737
1 bedroom $779 $738 $813
2 bedroom $952 $912 $1,015
3 bedroom $1,362 $1,210 $1,325
4 bedroom $1,648 $1,407 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Lubbock Demographics


Median Individual Income
$25,634 / year

Median Household Income
$50,453 / year

Families w/ Dual Incomes
55%

Unemployment Rate
3.7%
Household Income Distribution
Lubbock, TX

Median Age
30 years

Avg Family Size
3.16 people
Age Distribution
Lubbock, TX

College Education or Above
32%

STEM College Graduates
42%
Education Distribution
Lubbock, TX
Source: U.S. Census Bureau

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