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Multifamily Loans in
Ridgecrest, CA

Overview

Ridgecrest is located in a good market for 5+ unit multifamily loans. Multifamily loans in Ridgecrest are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Ridgecrest are competitive. Ridgecrest 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 Ridgecrest.

Get multifamily loan quotes for Dec 06, 2021


Multifamily Loan Rates in Ridgecrest, CA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ridgecrest 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 3.37% - 3.61%
7 Year Fixed 3.28% - 3.52%
10 Year Fixed 3.52% - 3.76%
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 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/05/2021. This is not an offer or commitment to lend. Multifamily loan rates in Ridgecrest 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 06, 2021


Multifamily Lenders in Ridgecrest, CA

All major multifamily lender types are lending in Ridgecrest.


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 06, 2021


Ridgecrest Market

The city of Ridgecrest in Kern County has a population of 28,973. The median rent in Kern County for a 2 bedroom is $1,039. The median Ridgecrest resident is 36 years old with a yearly income of $35,839. The average family has 3.29 members and a median household income of $69,577. Ridgecrest has a 28% higher education rate. The unemployment rate in Ridgecrest is 7.5%.


Population
28,973 people

County
Kern County

Renters

36.8% of Ridgecrest households are renters.


Rent Burden

23.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kern County 1
California 2
National 2
Studio $786 $1,137 $737
1 bedroom $796 $1,291 $813
2 bedroom $1,039 $1,635 $1,015
3 bedroom $1,487 $2,254 $1,325
4 bedroom $1,799 $2,613 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Ridgecrest Demographics


Median Individual Income
$35,839 / year

Median Household Income
$69,577 / year

Families w/ Dual Incomes
47%

Unemployment Rate
7.5%
Household Income Distribution
Ridgecrest, CA

Median Age
36 years

Avg Family Size
3.29 people
Age Distribution
Ridgecrest, CA

College Education or Above
28%

STEM College Graduates
65%
Education Distribution
Ridgecrest, CA
Source: U.S. Census Bureau

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