Lynchburg is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Lynchburg are considered greater risk due to market dynamics. Interest rates for multifamily loans in Lynchburg are higher than the national average. Lynchburg apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Lynchburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lynchburg 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 $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lynchburg.
The city of Lynchburg in Lynchburg city has a population of 82,168. The median rent in Lynchburg city for a 2 bedroom is $842. The median Lynchburg resident is 28 years old with a yearly income of $20,819. The average family has 3.19 members and a median household income of $46,409. Lynchburg has a 36% higher education rate. The unemployment rate in Lynchburg is 5.8%.
51.3% of Lynchburg households are renters.
30.6% median household income spent on rent.
Bedrooms |
Lynchburg city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $680 | $833 | $737 |
| 1 bedroom | $709 | $897 | $813 |
| 2 bedroom | $842 | $1,072 | $1,015 |
| 3 bedroom | $1,131 | $1,423 | $1,325 |
| 4 bedroom | $1,333 | $1,680 | $1,521 |
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