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Multifamily Loans in
Summerville, SC

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Summerville, SC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Summerville 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 3.22% - 3.47%
7 Year Fixed 3.39% - 3.84%
10 Year Fixed 3.37% - 3.77%
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 Summerville 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 Summerville, SC

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


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


Summerville Market

The city of Summerville in Dorchester County has a population of 52,549. The median rent in Dorchester County for a 2 bedroom is $1,317. The median Summerville resident is 36 years old with a yearly income of $32,285. The average family has 3.34 members and a median household income of $59,180. Summerville has a 30% higher education rate. The unemployment rate in Summerville is 5.4%.


Population
52,549 people

County
Dorchester County

Renters

36.4% of Summerville households are renters.


Rent Burden

33% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Dorchester County 1
South Carolina 2
National 2
Studio $1,091 $697 $737
1 bedroom $1,155 $732 $813
2 bedroom $1,317 $879 $1,015
3 bedroom $1,685 $1,158 $1,325
4 bedroom $2,194 $1,369 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Summerville Demographics


Median Individual Income
$32,285 / year

Median Household Income
$59,180 / year

Families w/ Dual Incomes
52%

Unemployment Rate
5.4%
Household Income Distribution
Summerville, SC

Median Age
36 years

Avg Family Size
3.34 people
Age Distribution
Summerville, SC

College Education or Above
30%

STEM College Graduates
42%
Education Distribution
Summerville, SC
Source: U.S. Census Bureau

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