Mobile is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Mobile are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Mobile are slightly higher than the national average. Mobile 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 Mobile.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mobile 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 | 7.18% - 7.42% |
| 7 Year Fixed | 6.82% - 7.06% |
| 10 Year Fixed | 6.73% - 6.97% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Mobile.
The city of Mobile in Mobile County has a population of 188,720. The median rent in Mobile County for a 2 bedroom is $886. The median Mobile resident is 38 years old with a yearly income of $25,083. The average family has 3.26 members and a median household income of $42,321. Mobile has a 29% higher education rate. The unemployment rate in Mobile is 6.2%.
46.8% of Mobile households are renters.
38.9% median household income spent on rent.
Bedrooms |
Mobile County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $690 | $580 | $737 |
| 1 bedroom | $707 | $626 | $813 |
| 2 bedroom | $886 | $767 | $1,015 |
| 3 bedroom | $1,180 | $1,004 | $1,325 |
| 4 bedroom | $1,303 | $1,157 | $1,521 |
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