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Multifamily Loans in
Monterey, CA

Overview

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

Get multifamily loan quotes for Dec 06, 2021


Multifamily Loan Rates in Monterey, CA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Monterey 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 3.56% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.61% - 3.85%
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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/05/2021. This is not an offer or commitment to lend. Multifamily loan rates in Monterey 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 06, 2021


Multifamily Lenders in Monterey, CA

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


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 06, 2021


Monterey Market

The city of Monterey in Monterey County has a population of 28,178. The median rent in Monterey County for a 2 bedroom is $1,951. The median Monterey resident is 38 years old with a yearly income of $39,539. The average family has 2.9 members and a median household income of $80,694. Monterey has a 53% higher education rate. The unemployment rate in Monterey is 3.0%.


Population
28,178 people

County
Monterey County

Renters

62.1% of Monterey households are renters.


Rent Burden

32.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Monterey County 1
California 2
National 2
Studio $1,467 $1,137 $737
1 bedroom $1,595 $1,291 $813
2 bedroom $1,951 $1,635 $1,015
3 bedroom $2,792 $2,254 $1,325
4 bedroom $3,061 $2,613 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Monterey Demographics


Median Individual Income
$39,539 / year

Median Household Income
$80,694 / year

Families w/ Dual Incomes
52%

Unemployment Rate
3.0%
Household Income Distribution
Monterey, CA

Median Age
38 years

Avg Family Size
2.9 people
Age Distribution
Monterey, CA

College Education or Above
53%

STEM College Graduates
50%
Education Distribution
Monterey, CA
Source: U.S. Census Bureau

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