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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ridgecrest are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.39% - 6.63% |
| 7 Year Fixed | 6.13% - 6.37% |
| 10 Year Fixed | 6.24% - 6.48% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.59% - 5.69% |
| 7 Year Fixed | 5.64% - 5.74% |
| 10 Year Fixed | 5.62% - 5.72% |
All major multifamily lender types are lending in Ridgecrest.
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%.
36.8% of Ridgecrest households are renters.
23.1% median household income spent on rent.
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 |
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