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Multifamily Loans in
Mount Pleasant, SC

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Mount Pleasant, SC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mount Pleasant 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 3.51% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.51% - 3.75%
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 3.22% - 3.47%
7 Year Fixed 3.39% - 3.84%
10 Year Fixed 3.37% - 3.77%
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 Mount Pleasant 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 Mount Pleasant, SC

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


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


Mount Pleasant Market

The city of Mount Pleasant in Charleston County has a population of 91,684. The median rent in Charleston County for a 2 bedroom is $1,317. The median Mount Pleasant resident is 41 years old with a yearly income of $51,275. The average family has 3.09 members and a median household income of $103,232. Mount Pleasant has a 64% higher education rate. The unemployment rate in Mount Pleasant is 2.1%.


Population
91,684 people

County
Charleston County

Renters

27.7% of Mount Pleasant households are renters.


Rent Burden

28.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Charleston County 1
South Carolina 2
National 2
Studio $1,091 $697 $737
1 bedroom $1,155 $732 $813
2 bedroom $1,317 $879 $1,015
3 bedroom $1,685 $1,158 $1,325
4 bedroom $2,194 $1,369 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Mount Pleasant Demographics


Median Individual Income
$51,275 / year

Median Household Income
$103,232 / year

Families w/ Dual Incomes
59%

Unemployment Rate
2.1%
Household Income Distribution
Mount Pleasant, SC

Median Age
41 years

Avg Family Size
3.09 people
Age Distribution
Mount Pleasant, SC

College Education or Above
64%

STEM College Graduates
46%
Education Distribution
Mount Pleasant, SC
Source: U.S. Census Bureau

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