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Multifamily Loans in
Ridgeland, MS

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Ridgeland, MS

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ridgeland 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 3.22% - 3.47%
7 Year Fixed 3.39% - 3.84%
10 Year Fixed 3.37% - 3.77%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Ridgeland 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 08, 2021


Multifamily Lenders in Ridgeland, MS

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


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 08, 2021


Ridgeland Market

The city of Ridgeland in Madison County has a population of 24,104. The median rent in Madison County for a 2 bedroom is $1,005. The median Ridgeland resident is 36 years old with a yearly income of $35,871. The average family has 2.97 members and a median household income of $60,823. Ridgeland has a 52% higher education rate. The unemployment rate in Ridgeland is 4.5%.


Population
24,104 people

County
Madison County

Renters

50.1% of Ridgeland households are renters.


Rent Burden

27% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Madison County 1
Mississippi 2
National 2
Studio $807 $573 $737
1 bedroom $856 $612 $813
2 bedroom $1,005 $754 $1,015
3 bedroom $1,253 $975 $1,325
4 bedroom $1,447 $1,111 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Ridgeland Demographics


Median Individual Income
$35,871 / year

Median Household Income
$60,823 / year

Families w/ Dual Incomes
56%

Unemployment Rate
4.5%
Household Income Distribution
Ridgeland, MS

Median Age
36 years

Avg Family Size
2.97 people
Age Distribution
Ridgeland, MS

College Education or Above
52%

STEM College Graduates
38%
Education Distribution
Ridgeland, MS
Source: U.S. Census Bureau

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