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Multifamily Loans in
New Albany, IN

Overview

New Albany is located in a good market for 5+ unit multifamily loans. Multifamily loans in New Albany are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in New Albany are competitive. New Albany apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in New Albany.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in New Albany, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Albany 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 $7.5M
5 Year Fixed 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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®
$7.5M to $100M
5 Year Fixed 3.11% - 3.36%
7 Year Fixed 3.28% - 3.73%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in New Albany 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 02, 2021


Multifamily Lenders in New Albany, IN

All major multifamily lender types are lending in New Albany.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 02, 2021


New Albany Market

The city of New Albany in Floyd County has a population of 36,843. The median rent in Floyd County for a 2 bedroom is $979. The median New Albany resident is 38 years old with a yearly income of $27,949. The average family has 3.14 members and a median household income of $48,734. New Albany has a 22% higher education rate. The unemployment rate in New Albany is 4.1%.


Population
36,843 people

County
Floyd County

Renters

44.5% of New Albany households are renters.


Rent Burden

31.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Floyd County 1
Indiana 2
National 2
Studio $692 $593 $737
1 bedroom $810 $666 $813
2 bedroom $979 $840 $1,015
3 bedroom $1,311 $1,099 $1,325
4 bedroom $1,502 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New Albany Demographics


Median Individual Income
$27,949 / year

Median Household Income
$48,734 / year

Families w/ Dual Incomes
46%

Unemployment Rate
4.1%
Household Income Distribution
New Albany, IN

Median Age
38 years

Avg Family Size
3.14 people
Age Distribution
New Albany, IN

College Education or Above
22%

STEM College Graduates
40%
Education Distribution
New Albany, IN
Source: U.S. Census Bureau

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