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Multifamily Loans in
Spartanburg, SC

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Spartanburg, SC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Spartanburg 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 3.08% - 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 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Spartanburg 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 04, 2021


Multifamily Lenders in Spartanburg, SC

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


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 04, 2021


Spartanburg Market

The city of Spartanburg in Spartanburg County has a population of 37,399. The median rent in Spartanburg County for a 2 bedroom is $898. The median Spartanburg resident is 35 years old with a yearly income of $22,964. The average family has 3.09 members and a median household income of $40,053. Spartanburg has a 30% higher education rate. The unemployment rate in Spartanburg is 7.3%.


Population
37,399 people

County
Spartanburg County

Renters

53.8% of Spartanburg households are renters.


Rent Burden

31.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Spartanburg County 1
South Carolina 2
National 2
Studio $739 $697 $737
1 bedroom $781 $732 $813
2 bedroom $898 $879 $1,015
3 bedroom $1,183 $1,158 $1,325
4 bedroom $1,236 $1,369 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Spartanburg Demographics


Median Individual Income
$22,964 / year

Median Household Income
$40,053 / year

Families w/ Dual Incomes
43%

Unemployment Rate
7.3%
Household Income Distribution
Spartanburg, SC

Median Age
35 years

Avg Family Size
3.09 people
Age Distribution
Spartanburg, SC

College Education or Above
30%

STEM College Graduates
41%
Education Distribution
Spartanburg, SC
Source: U.S. Census Bureau

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