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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Morristown 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 | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
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 | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Morristown.
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%.
49.8% of Morristown households are renters.
35.5% median household income spent on rent.
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 |
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