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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Spartanburg 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 | 6.82% - 7.06% |
| 10 Year Fixed | 6.73% - 6.97% |
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 Spartanburg.
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%.
53.8% of Spartanburg households are renters.
31.8% median household income spent on rent.
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 |
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