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Multifamily Loans in
Pace, FL

Overview

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

Get multifamily loan quotes for Apr 25, 2024


Multifamily Loan Rates in Pace, FL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Pace are:

Fannie Mae®
$1M to $6M
5 Year Fixed 7.07% - 7.81%
7 Year Fixed 6.96% - 7.47%
10 Year Fixed 6.90% - 7.30%
Freddie Mac®
$1M to $6M
5 Year Fixed 7.18% - 7.42%
7 Year Fixed 6.82% - 7.06%
10 Year Fixed 6.73% - 6.97%
Fannie Mae®
$6M to $100M
5 Year Fixed 6.87% - 7.61%
7 Year Fixed 6.76% - 7.27%
10 Year Fixed 6.70% - 7.10%
Freddie Mac®
$6M to $100M
5 Year Fixed 6.25% - 6.35%
7 Year Fixed 6.26% - 6.36%
10 Year Fixed 6.19% - 6.39%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 04/24/2024. This is not an offer or commitment to lend. Multifamily loan rates in Pace 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 Apr 25, 2024


Multifamily Lenders in Pace, FL

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


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 Apr 25, 2024


Pace Market

The city of Pace in Santa Rosa County has a population of 22,860. The median rent in Santa Rosa County for a 2 bedroom is $1,059. The median Pace resident is 38 years old with a yearly income of $30,709. The average family has 3.11 members and a median household income of $70,292. Pace has a 31% higher education rate. The unemployment rate in Pace is 3.9%.


Population
22,860 people

County
Santa Rosa County

Renters

22.8% of Pace households are renters.


Rent Burden

29.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Santa Rosa County 1
Florida 2
National 2
Studio $833 $822 $737
1 bedroom $901 $891 $813
2 bedroom $1,059 $1,089 $1,015
3 bedroom $1,486 $1,448 $1,325
4 bedroom $1,834 $1,716 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Pace Demographics


Median Individual Income
$30,709 / year

Median Household Income
$70,292 / year

Families w/ Dual Incomes
51%

Unemployment Rate
3.9%
Household Income Distribution
Pace, FL

Median Age
38 years

Avg Family Size
3.11 people
Age Distribution
Pace, FL

College Education or Above
31%

STEM College Graduates
45%
Education Distribution
Pace, FL
Source: U.S. Census Bureau

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