Shelbyville is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Shelbyville are considered greater risk due to market dynamics. Interest rates for multifamily loans in Shelbyville are higher than the national average. Shelbyville 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 Shelbyville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Shelbyville 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 | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 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 Shelbyville.
The city of Shelbyville in Bedford County has a population of 22,101. The median rent in Bedford County for a 2 bedroom is $832. The median Shelbyville resident is 33 years old with a yearly income of $23,394. The average family has 3.41 members and a median household income of $41,716. Shelbyville has a 11% higher education rate. The unemployment rate in Shelbyville is 5.3%.
53.4% of Shelbyville households are renters.
26% median household income spent on rent.
Bedrooms |
Bedford County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $627 | $618 | $737 |
| 1 bedroom | $631 | $657 | $813 |
| 2 bedroom | $832 | $813 | $1,015 |
| 3 bedroom | $1,035 | $1,073 | $1,325 |
| 4 bedroom | $1,224 | $1,248 | $1,521 |
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