Midland is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Midland are considered greater risk due to market dynamics. Interest rates for multifamily loans in Midland are higher than the national average. Midland 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 Midland.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Midland are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.43% - 6.67% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Midland.
The city of Midland in Midland County has a population of 146,038. The median rent in Midland County for a 2 bedroom is $1,498. The median Midland resident is 32 years old with a yearly income of $38,279. The average family has 3.53 members and a median household income of $79,329. Midland has a 29% higher education rate. The unemployment rate in Midland is 3.3%.
34.9% of Midland households are renters.
25.9% median household income spent on rent.
Bedrooms |
Midland County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $1,207 | $669 | $737 |
| 1 bedroom | $1,215 | $738 | $813 |
| 2 bedroom | $1,498 | $912 | $1,015 |
| 3 bedroom | $1,863 | $1,210 | $1,325 |
| 4 bedroom | $2,533 | $1,407 | $1,521 |
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