Redmond is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Redmond are considered greater risk due to market dynamics. Interest rates for multifamily loans in Redmond are higher than the national average. Redmond apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Redmond.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Redmond are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.63% - 5.87% |
| 7 Year Fixed | 5.24% - 5.48% |
| 10 Year Fixed | 5.28% - 5.52% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Redmond.
The city of Redmond in Deschutes County has a population of 32,421. The median rent in Deschutes County for a 2 bedroom is $1,354. The median Redmond resident is 37 years old with a yearly income of $30,275. The average family has 3.15 members and a median household income of $65,088. Redmond has a 19% higher education rate. The unemployment rate in Redmond is 6.0%.
40% of Redmond households are renters.
27.1% median household income spent on rent.
Bedrooms |
Deschutes County 1 |
Oregon 2 |
National 2 |
|---|---|---|---|
| Studio | $907 | $786 | $737 |
| 1 bedroom | $1,113 | $891 | $813 |
| 2 bedroom | $1,354 | $1,112 | $1,015 |
| 3 bedroom | $1,938 | $1,569 | $1,325 |
| 4 bedroom | $2,344 | $1,853 | $1,521 |
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