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Multifamily Loans in
Prichard, AL

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Prichard, AL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Prichard 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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Prichard 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 04, 2021


Multifamily Lenders in Prichard, AL

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


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 04, 2021


Prichard Market

The city of Prichard in Mobile County has a population of 21,428. The median rent in Mobile County for a 2 bedroom is $886. The median Prichard resident is 35 years old with a yearly income of $17,329. The average family has 3.7 members and a median household income of $29,009. Prichard has a 9% higher education rate. The unemployment rate in Prichard is 12.2%.


Population
21,428 people

County
Mobile County

Renters

41.6% of Prichard households are renters.


Rent Burden

42.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Mobile County 1
Alabama 2
National 2
Studio $690 $580 $737
1 bedroom $707 $626 $813
2 bedroom $886 $767 $1,015
3 bedroom $1,180 $1,004 $1,325
4 bedroom $1,303 $1,157 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Prichard Demographics


Median Individual Income
$17,329 / year

Median Household Income
$29,009 / year

Families w/ Dual Incomes
21%

Unemployment Rate
12.2%
Household Income Distribution
Prichard, AL

Median Age
35 years

Avg Family Size
3.7 people
Age Distribution
Prichard, AL

College Education or Above
9%

STEM College Graduates
37%
Education Distribution
Prichard, AL
Source: U.S. Census Bureau

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