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.
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 | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.53% - 6.77% |
| 7 Year Fixed | 6.32% - 6.56% |
| 10 Year Fixed | 6.28% - 6.52% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Myrtle Beach.
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%.
43.5% of Myrtle Beach households are renters.
38.1% median household income spent on rent.
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 |
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