Spring is located in a good market for 5+ unit multifamily loans. Multifamily loans in Spring are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Spring are competitive. Spring apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Spring.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Spring 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.14% - 6.38% |
| 7 Year Fixed | 6.93% - 6.17% |
| 10 Year Fixed | 5.84% - 6.08% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.87% - 6.02% |
| 7 Year Fixed | 5.84% - 5.99% |
| 10 Year Fixed | 5.76% - 5.91% |
All major multifamily lender types are lending in Spring.
The city of Spring in Harris County has a population of 60,976. The median rent in Harris County for a 2 bedroom is $1,306. The median Spring resident is 35 years old with a yearly income of $34,255. The average family has 3.5 members and a median household income of $71,376. Spring has a 24% higher education rate. The unemployment rate in Spring is 5.0%.
30.4% of Spring households are renters.
31.1% median household income spent on rent.
Bedrooms |
Harris County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $1,008 | $669 | $737 |
| 1 bedroom | $1,092 | $738 | $813 |
| 2 bedroom | $1,306 | $912 | $1,015 |
| 3 bedroom | $1,751 | $1,210 | $1,325 |
| 4 bedroom | $2,232 | $1,407 | $1,521 |
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