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Multifamily Loans in
Richmond, KY

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Richmond, KY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Richmond 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
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 Richmond 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 Richmond, KY

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


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


Richmond Market

The city of Richmond in Madison County has a population of 36,157. The median rent in Madison County for a 2 bedroom is $771. The median Richmond resident is 26 years old with a yearly income of $16,613. The average family has 2.98 members and a median household income of $36,302. Richmond has a 31% higher education rate. The unemployment rate in Richmond is 7.2%.


Population
36,157 people

County
Madison County

Renters

64.2% of Richmond households are renters.


Rent Burden

32.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Madison County 1
Kentucky 2
National 2
Studio $561 $548 $737
1 bedroom $585 $605 $813
2 bedroom $771 $763 $1,015
3 bedroom $1,058 $1,011 $1,325
4 bedroom $1,062 $1,144 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Richmond Demographics


Median Individual Income
$16,613 / year

Median Household Income
$36,302 / year

Families w/ Dual Incomes
46%

Unemployment Rate
7.2%
Household Income Distribution
Richmond, KY

Median Age
26 years

Avg Family Size
2.98 people
Age Distribution
Richmond, KY

College Education or Above
31%

STEM College Graduates
40%
Education Distribution
Richmond, KY
Source: U.S. Census Bureau

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