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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Socastee are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.91% - 7.65% |
| 7 Year Fixed | 6.77% - 7.28% |
| 10 Year Fixed | 6.69% - 7.09% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.18% - 6.42% |
| 7 Year Fixed | 5.92% - 6.16% |
| 10 Year Fixed | 5.78% - 6.02% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.57% - 7.08% |
| 10 Year Fixed | 6.49% - 6.89% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 5.95% - 6.10% |
| 10 Year Fixed | 5.87% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Socastee.
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%.
37.2% of Socastee households are renters.
29% median household income spent on rent.
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 |
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