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Multifamily Loans in
Santa Barbara, CA

Overview

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

Get multifamily loan quotes for Dec 06, 2021


Multifamily Loan Rates in Santa Barbara, CA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Santa Barbara 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 3.56% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.61% - 3.85%
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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
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 Santa Barbara 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 Santa Barbara, CA

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


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 06, 2021


Santa Barbara Market

The city of Santa Barbara in Santa Barbara County has a population of 91,364. The median rent in Santa Barbara County for a 2 bedroom is $2,564. The median Santa Barbara resident is 39 years old with a yearly income of $36,204. The average family has 2.99 members and a median household income of $76,606. Santa Barbara has a 49% higher education rate. The unemployment rate in Santa Barbara is 3.8%.


Population
91,364 people

County
Santa Barbara County

Renters

59.3% of Santa Barbara households are renters.


Rent Burden

35.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Santa Barbara County 1
California 2
National 2
Studio $1,867 $1,137 $737
1 bedroom $2,177 $1,291 $813
2 bedroom $2,564 $1,635 $1,015
3 bedroom $3,388 $2,254 $1,325
4 bedroom $3,877 $2,613 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Santa Barbara Demographics


Median Individual Income
$36,204 / year

Median Household Income
$76,606 / year

Families w/ Dual Incomes
58%

Unemployment Rate
3.8%
Household Income Distribution
Santa Barbara, CA

Median Age
39 years

Avg Family Size
2.99 people
Age Distribution
Santa Barbara, CA

College Education or Above
49%

STEM College Graduates
51%
Education Distribution
Santa Barbara, CA
Source: U.S. Census Bureau

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