Santa Cruz is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Santa Cruz are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Santa Cruz are slightly higher than the national average. Santa Cruz 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 Cruz.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Santa Cruz 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 | 7.18% - 7.42% |
| 7 Year Fixed | 6.72% - 6.96% |
| 10 Year Fixed | 6.78% - 7.02% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Santa Cruz.
The city of Santa Cruz in Santa Cruz County has a population of 64,608. The median rent in Santa Cruz County for a 2 bedroom is $3,123. The median Santa Cruz resident is 29 years old with a yearly income of $26,231. The average family has 2.93 members and a median household income of $77,921. Santa Cruz has a 54% higher education rate. The unemployment rate in Santa Cruz is 7.7%.
53% of Santa Cruz households are renters.
47.8% median household income spent on rent.
Bedrooms |
Santa Cruz County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $2,061 | $1,137 | $737 |
| 1 bedroom | $2,370 | $1,291 | $813 |
| 2 bedroom | $3,123 | $1,635 | $1,015 |
| 3 bedroom | $4,080 | $2,254 | $1,325 |
| 4 bedroom | $4,568 | $2,613 | $1,521 |
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