Salina is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Salina are considered greater risk due to market dynamics. Interest rates for multifamily loans in Salina are higher than the national average. Salina 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 Salina.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Salina are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Salina.
The city of Salina in Saline County has a population of 46,550. The median rent in Saline County for a 2 bedroom is $842. The median Salina resident is 38 years old with a yearly income of $28,244. The average family has 3.14 members and a median household income of $50,490. Salina has a 27% higher education rate. The unemployment rate in Salina is 3.4%.
36.6% of Salina households are renters.
29% median household income spent on rent.
Bedrooms |
Saline County 1 |
Kansas 2 |
National 2 |
|---|---|---|---|
| Studio | $571 | $581 | $737 |
| 1 bedroom | $639 | $612 | $813 |
| 2 bedroom | $842 | $781 | $1,015 |
| 3 bedroom | $1,070 | $1,027 | $1,325 |
| 4 bedroom | $1,345 | $1,166 | $1,521 |
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