Loading...

Multifamily Loans in
Myrtle Beach, SC

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Myrtle Beach, SC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Myrtle Beach 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 Myrtle Beach 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 Myrtle Beach, SC

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


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


Myrtle Beach Market

The city of Myrtle Beach in Horry County has a population of 34,695. The median rent in Horry County for a 2 bedroom is $949. The median Myrtle Beach resident is 45 years old with a yearly income of $25,405. The average family has 3.15 members and a median household income of $43,200. Myrtle Beach has a 29% higher education rate. The unemployment rate in Myrtle Beach is 7.0%.


Population
34,695 people

County
Horry County

Renters

43.5% of Myrtle Beach households are renters.


Rent Burden

38.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Horry County 1
South Carolina 2
National 2
Studio $778 $697 $737
1 bedroom $808 $732 $813
2 bedroom $949 $879 $1,015
3 bedroom $1,217 $1,158 $1,325
4 bedroom $1,365 $1,369 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Myrtle Beach Demographics


Median Individual Income
$25,405 / year

Median Household Income
$43,200 / year

Families w/ Dual Incomes
43%

Unemployment Rate
7.0%
Household Income Distribution
Myrtle Beach, SC

Median Age
45 years

Avg Family Size
3.15 people
Age Distribution
Myrtle Beach, SC

College Education or Above
29%

STEM College Graduates
36%
Education Distribution
Myrtle Beach, SC
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day