Tyler is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Tyler are considered greater risk due to market dynamics. Interest rates for multifamily loans in Tyler are higher than the national average. Tyler apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Tyler.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Tyler 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 | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.88% - 7.12% |
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 | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Tyler.
The city of Tyler in Smith County has a population of 106,985. The median rent in Smith County for a 2 bedroom is $1,151. The median Tyler resident is 34 years old with a yearly income of $26,511. The average family has 3.46 members and a median household income of $52,932. Tyler has a 29% higher education rate. The unemployment rate in Tyler is 5.5%.
47.1% of Tyler households are renters.
29.1% median household income spent on rent.
Bedrooms |
Smith County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $951 | $669 | $737 |
| 1 bedroom | $954 | $738 | $813 |
| 2 bedroom | $1,151 | $912 | $1,015 |
| 3 bedroom | $1,446 | $1,210 | $1,325 |
| 4 bedroom | $1,882 | $1,407 | $1,521 |
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