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Multifamily Loans in
Palmetto Bay, FL

Overview

Palmetto Bay is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Palmetto Bay are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Palmetto Bay are some of the lowest nationally. Palmetto Bay 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 Palmetto Bay.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Palmetto Bay, FL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palmetto 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 $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.43% - 3.67%
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®
$7.5M to $100M
5 Year Fixed 3.11% - 3.36%
7 Year Fixed 3.28% - 3.73%
10 Year Fixed 3.23% - 3.63%
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 Palmetto 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 08, 2021


Multifamily Lenders in Palmetto Bay, FL

All major multifamily lender types are lending in Palmetto Bay.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 08, 2021


Palmetto Bay Market

The city of Palmetto Bay in Miami-Dade County has a population of 24,523. The median rent in Miami-Dade County for a 2 bedroom is $1,684. The median Palmetto Bay resident is 42 years old with a yearly income of $47,348. The average family has 3.56 members and a median household income of $123,477. Palmetto Bay has a 59% higher education rate. The unemployment rate in Palmetto Bay is 6.2%.


Population
24,523 people

County
Miami-Dade County

Renters

19.3% of Palmetto Bay households are renters.


Rent Burden

33.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Miami-Dade County 1
Florida 2
National 2
Studio $1,148 $822 $737
1 bedroom $1,336 $891 $813
2 bedroom $1,684 $1,089 $1,015
3 bedroom $2,245 $1,448 $1,325
4 bedroom $2,696 $1,716 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Palmetto Bay Demographics


Median Individual Income
$47,348 / year

Median Household Income
$123,477 / year

Families w/ Dual Incomes
59%

Unemployment Rate
6.2%
Household Income Distribution
Palmetto Bay, FL

Median Age
42 years

Avg Family Size
3.56 people
Age Distribution
Palmetto Bay, FL

College Education or Above
59%

STEM College Graduates
44%
Education Distribution
Palmetto Bay, FL
Source: U.S. Census Bureau

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