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Multifamily Loans in
Merritt Island, FL

Overview

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

Get multifamily loan quotes for Dec 03, 2021


Multifamily Loan Rates in Merritt Island, FL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Merritt Island 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 3.16% - 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 Merritt Island 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 Merritt Island, FL

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


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


Merritt Island Market

The city of Merritt Island in Brevard County has a population of 36,532. The median rent in Brevard County for a 2 bedroom is $1,201. The median Merritt Island resident is 49 years old with a yearly income of $31,806. The average family has 3.11 members and a median household income of $64,865. Merritt Island has a 36% higher education rate. The unemployment rate in Merritt Island is 4.4%.


Population
36,532 people

County
Brevard County

Renters

22.9% of Merritt Island households are renters.


Rent Burden

31% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Brevard County 1
Florida 2
National 2
Studio $804 $822 $737
1 bedroom $976 $891 $813
2 bedroom $1,201 $1,089 $1,015
3 bedroom $1,615 $1,448 $1,325
4 bedroom $1,934 $1,716 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Merritt Island Demographics


Median Individual Income
$31,806 / year

Median Household Income
$64,865 / year

Families w/ Dual Incomes
47%

Unemployment Rate
4.4%
Household Income Distribution
Merritt Island, FL

Median Age
49 years

Avg Family Size
3.11 people
Age Distribution
Merritt Island, FL

College Education or Above
36%

STEM College Graduates
50%
Education Distribution
Merritt Island, FL
Source: U.S. Census Bureau

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