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Multifamily Loans in
Morristown, TN

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Morristown, TN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Morristown 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 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
10 Year Fixed 3.68% - 3.92%
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 3.27% - 3.52%
7 Year Fixed 3.44% - 3.89%
10 Year Fixed 3.42% - 3.82%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Morristown 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 08, 2021


Multifamily Lenders in Morristown, TN

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


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 08, 2021


Morristown Market

The city of Morristown in Hamblen County has a population of 30,193. The median rent in Hamblen County for a 2 bedroom is $796. The median Morristown resident is 38 years old with a yearly income of $19,696. The average family has 3.17 members and a median household income of $32,193. Morristown has a 15% higher education rate. The unemployment rate in Morristown is 7.7%.


Population
30,193 people

County
Hamblen County

Renters

49.8% of Morristown households are renters.


Rent Burden

35.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Hamblen County 1
Tennessee 2
National 2
Studio $600 $618 $737
1 bedroom $604 $657 $813
2 bedroom $796 $813 $1,015
3 bedroom $1,087 $1,073 $1,325
4 bedroom $1,091 $1,248 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Morristown Demographics


Median Individual Income
$19,696 / year

Median Household Income
$32,193 / year

Families w/ Dual Incomes
35%

Unemployment Rate
7.7%
Household Income Distribution
Morristown, TN

Median Age
38 years

Avg Family Size
3.17 people
Age Distribution
Morristown, TN

College Education or Above
15%

STEM College Graduates
49%
Education Distribution
Morristown, TN
Source: U.S. Census Bureau

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