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Multifamily Loans in
New Bern, NC

Overview

New Bern is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in New Bern are considered greater risk due to market dynamics. Interest rates for multifamily loans in New Bern are higher than the national average. New Bern 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 New Bern.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in New Bern, NC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Bern 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 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
10 Year Fixed 3.68% - 3.92%
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 3.15% - 3.40%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.35% - 3.75%
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 Bern 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 Bern, NC

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


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 02, 2021


New Bern Market

The city of New Bern in Craven County has a population of 29,994. The median rent in Craven County for a 2 bedroom is $1,002. The median New Bern resident is 40 years old with a yearly income of $26,957. The average family has 2.76 members and a median household income of $43,204. New Bern has a 28% higher education rate. The unemployment rate in New Bern is 8.1%.


Population
29,994 people

County
Craven County

Renters

47% of New Bern households are renters.


Rent Burden

35.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Craven County 1
North Carolina 2
National 2
Studio $771 $694 $737
1 bedroom $794 $713 $813
2 bedroom $1,002 $871 $1,015
3 bedroom $1,358 $1,152 $1,325
4 bedroom $1,735 $1,386 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New Bern Demographics


Median Individual Income
$26,957 / year

Median Household Income
$43,204 / year

Families w/ Dual Incomes
45%

Unemployment Rate
8.1%
Household Income Distribution
New Bern, NC

Median Age
40 years

Avg Family Size
2.76 people
Age Distribution
New Bern, NC

College Education or Above
28%

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

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