The Hammocks is located in a strong market for 5+ unit multifamily loans. Multifamily loans in The Hammocks are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in The Hammocks are some of the lowest nationally. The Hammocks 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 The Hammocks.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in The Hammocks are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.12% - 6.36% |
| 7 Year Fixed | 6.23% - 6.47% |
| 10 Year Fixed | 6.24% - 6.48% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.44% - 5.54% |
| 7 Year Fixed | 5.49% - 5.59% |
| 10 Year Fixed | 5.47% - 5.57% |
All major multifamily lender types are lending in The Hammocks.
The city of The Hammocks in Miami-Dade County has a population of 61,516. The median rent in Miami-Dade County for a 2 bedroom is $1,684. The median The Hammocks resident is 39 years old with a yearly income of $30,424. The average family has 3.91 members and a median household income of $70,014. The Hammocks has a 36% higher education rate. The unemployment rate in The Hammocks is 4.2%.
41.3% of The Hammocks households are renters.
39.4% median household income spent on rent.
Bedrooms |
Miami-Dade County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $1,148 | $822 | $737 |
| 1 bedroom | $1,336 | $891 | $813 |
| 2 bedroom | $1,684 | $1,089 | $1,015 |
| 3 bedroom | $2,245 | $1,448 | $1,325 |
| 4 bedroom | $2,696 | $1,716 | $1,521 |
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