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Multifamily Loans in
Sanford, NC

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Sanford, NC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sanford 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 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
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 3.15% - 3.40%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Sanford 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 02, 2021


Multifamily Lenders in Sanford, NC

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


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 02, 2021


Sanford Market

The city of Sanford in Lee County has a population of 30,085. The median rent in Lee County for a 2 bedroom is $809. The median Sanford resident is 34 years old with a yearly income of $26,552. The average family has 3.51 members and a median household income of $46,915. Sanford has a 22% higher education rate. The unemployment rate in Sanford is 6.3%.


Population
30,085 people

County
Lee County

Renters

47% of Sanford households are renters.


Rent Burden

25.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lee County 1
North Carolina 2
National 2
Studio $687 $694 $737
1 bedroom $710 $713 $813
2 bedroom $809 $871 $1,015
3 bedroom $1,020 $1,152 $1,325
4 bedroom $1,097 $1,386 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Sanford Demographics


Median Individual Income
$26,552 / year

Median Household Income
$46,915 / year

Families w/ Dual Incomes
55%

Unemployment Rate
6.3%
Household Income Distribution
Sanford, NC

Median Age
34 years

Avg Family Size
3.51 people
Age Distribution
Sanford, NC

College Education or Above
22%

STEM College Graduates
42%
Education Distribution
Sanford, NC
Source: U.S. Census Bureau

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