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Multifamily Loans in
North Port, FL

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in North Port, FL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Port 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 North Port 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 North Port, FL

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


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


North Port Market

The city of North Port in Sarasota County has a population of 70,724. The median rent in Sarasota County for a 2 bedroom is $1,383. The median North Port resident is 46 years old with a yearly income of $28,989. The average family has 3.18 members and a median household income of $62,097. North Port has a 22% higher education rate. The unemployment rate in North Port is 3.6%.


Population
70,724 people

County
Sarasota County

Renters

22.4% of North Port households are renters.


Rent Burden

27.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Sarasota County 1
Florida 2
National 2
Studio $912 $822 $737
1 bedroom $1,076 $891 $813
2 bedroom $1,383 $1,089 $1,015
3 bedroom $1,829 $1,448 $1,325
4 bedroom $2,202 $1,716 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

North Port Demographics


Median Individual Income
$28,989 / year

Median Household Income
$62,097 / year

Families w/ Dual Incomes
43%

Unemployment Rate
3.6%
Household Income Distribution
North Port, FL

Median Age
46 years

Avg Family Size
3.18 people
Age Distribution
North Port, FL

College Education or Above
22%

STEM College Graduates
36%
Education Distribution
North Port, FL
Source: U.S. Census Bureau

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