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Multifamily Loans in
Palm Bay, FL

Overview

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

Get multifamily loan quotes for Dec 03, 2021


Multifamily Loan Rates in Palm Bay, FL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palm Bay 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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/02/2021. This is not an offer or commitment to lend. Multifamily loan rates in Palm Bay 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 03, 2021


Multifamily Lenders in Palm Bay, FL

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


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 03, 2021


Palm Bay Market

The city of Palm Bay in Brevard County has a population of 115,552. The median rent in Brevard County for a 2 bedroom is $1,201. The median Palm Bay resident is 40 years old with a yearly income of $24,496. The average family has 3.48 members and a median household income of $51,408. Palm Bay has a 19% higher education rate. The unemployment rate in Palm Bay is 6.2%.


Population
115,552 people

County
Brevard County

Renters

25.5% of Palm Bay households are renters.


Rent Burden

31.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Brevard County 1
Florida 2
National 2
Studio $804 $822 $737
1 bedroom $976 $891 $813
2 bedroom $1,201 $1,089 $1,015
3 bedroom $1,615 $1,448 $1,325
4 bedroom $1,934 $1,716 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Palm Bay Demographics


Median Individual Income
$24,496 / year

Median Household Income
$51,408 / year

Families w/ Dual Incomes
44%

Unemployment Rate
6.2%
Household Income Distribution
Palm Bay, FL

Median Age
40 years

Avg Family Size
3.48 people
Age Distribution
Palm Bay, FL

College Education or Above
19%

STEM College Graduates
46%
Education Distribution
Palm Bay, FL
Source: U.S. Census Bureau

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