Monroe is located in a good market for 5+ unit multifamily loans. Multifamily loans in Monroe are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Monroe are competitive. Monroe apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Monroe.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Monroe 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.73% - 6.97% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Monroe.
The city of Monroe in Union County has a population of 35,540. The median rent in Union County for a 2 bedroom is $1,243. The median Monroe resident is 35 years old with a yearly income of $25,495. The average family has 3.45 members and a median household income of $51,754. Monroe has a 17% higher education rate. The unemployment rate in Monroe is 8.6%.
40.4% of Monroe households are renters.
31.9% median household income spent on rent.
Bedrooms |
Union County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $1,066 | $694 | $737 |
| 1 bedroom | $1,090 | $713 | $813 |
| 2 bedroom | $1,243 | $871 | $1,015 |
| 3 bedroom | $1,639 | $1,152 | $1,325 |
| 4 bedroom | $2,112 | $1,386 | $1,521 |
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