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Multifamily Loans in
Socastee, SC

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Socastee, SC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Socastee 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 3.51% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.51% - 3.75%
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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Socastee 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 08, 2021


Multifamily Lenders in Socastee, SC

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


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 08, 2021


Socastee Market

The city of Socastee in Horry County has a population of 24,964. The median rent in Horry County for a 2 bedroom is $949. The median Socastee resident is 39 years old with a yearly income of $23,901. The average family has 3.26 members and a median household income of $50,147. Socastee has a 20% higher education rate. The unemployment rate in Socastee is 4.8%.


Population
24,964 people

County
Horry County

Renters

37.2% of Socastee households are renters.


Rent Burden

29% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Horry County 1
South Carolina 2
National 2
Studio $778 $697 $737
1 bedroom $808 $732 $813
2 bedroom $949 $879 $1,015
3 bedroom $1,217 $1,158 $1,325
4 bedroom $1,365 $1,369 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Socastee Demographics


Median Individual Income
$23,901 / year

Median Household Income
$50,147 / year

Families w/ Dual Incomes
42%

Unemployment Rate
4.8%
Household Income Distribution
Socastee, SC

Median Age
39 years

Avg Family Size
3.26 people
Age Distribution
Socastee, SC

College Education or Above
20%

STEM College Graduates
37%
Education Distribution
Socastee, SC
Source: U.S. Census Bureau

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