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Multifamily Loans in
New Smyrna Beach, FL

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in New Smyrna Beach, FL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Smyrna 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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.33% - 3.73%
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 New Smyrna 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 New Smyrna Beach, FL

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


New Smyrna Beach Market

The city of New Smyrna Beach in Volusia County has a population of 27,843. The median rent in Volusia County for a 2 bedroom is $1,110. The median New Smyrna Beach resident is 59 years old with a yearly income of $31,253. The average family has 2.7 members and a median household income of $57,043. New Smyrna Beach has a 34% higher education rate. The unemployment rate in New Smyrna Beach is 2.2%.


Population
27,843 people

County
Volusia County

Renters

24.5% of New Smyrna Beach households are renters.


Rent Burden

34.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Volusia County 1
Florida 2
National 2
Studio $732 $822 $737
1 bedroom $905 $891 $813
2 bedroom $1,110 $1,089 $1,015
3 bedroom $1,486 $1,448 $1,325
4 bedroom $1,624 $1,716 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New Smyrna Beach Demographics


Median Individual Income
$31,253 / year

Median Household Income
$57,043 / year

Families w/ Dual Incomes
32%

Unemployment Rate
2.2%
Household Income Distribution
New Smyrna Beach, FL

Median Age
59 years

Avg Family Size
2.7 people
Age Distribution
New Smyrna Beach, FL

College Education or Above
34%

STEM College Graduates
39%
Education Distribution
New Smyrna Beach, FL
Source: U.S. Census Bureau

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