Norman is located in a good market for 5+ unit multifamily loans. Multifamily loans in Norman are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Norman are competitive. Norman 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 Norman.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Norman are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.93% - 6.08% |
| 7 Year Fixed | 5.99% - 6.14% |
| 10 Year Fixed | 5.99% - 6.14% |
All major multifamily lender types are lending in Norman.
The city of Norman in Cleveland County has a population of 124,880. The median rent in Cleveland County for a 2 bedroom is $977. The median Norman resident is 31 years old with a yearly income of $27,823. The average family has 2.91 members and a median household income of $58,119. Norman has a 43% higher education rate. The unemployment rate in Norman is 4.5%.
47.2% of Norman households are renters.
30.3% median household income spent on rent.
Bedrooms |
Cleveland County 1 |
Oklahoma 2 |
National 2 |
|---|---|---|---|
| Studio | $750 | $589 | $737 |
| 1 bedroom | $785 | $623 | $813 |
| 2 bedroom | $977 | $790 | $1,015 |
| 3 bedroom | $1,317 | $1,041 | $1,325 |
| 4 bedroom | $1,583 | $1,191 | $1,521 |
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