West Memphis is located in a good market for 5+ unit multifamily loans. Multifamily loans in West Memphis are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in West Memphis are competitive. West Memphis 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 West Memphis.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Memphis 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.73% - 6.97% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in West Memphis.
The city of West Memphis in Crittenden County has a population of 24,402. The median rent in Crittenden County for a 2 bedroom is $972. The median West Memphis resident is 33 years old with a yearly income of $21,216. The average family has 3.12 members and a median household income of $33,103. West Memphis has a 15% higher education rate. The unemployment rate in West Memphis is 9.9%.
51.3% of West Memphis households are renters.
38% median household income spent on rent.
Bedrooms |
Crittenden County 1 |
Arkansas 2 |
National 2 |
|---|---|---|---|
| Studio | $732 | $535 | $737 |
| 1 bedroom | $836 | $574 | $813 |
| 2 bedroom | $972 | $723 | $1,015 |
| 3 bedroom | $1,311 | $954 | $1,325 |
| 4 bedroom | $1,507 | $1,104 | $1,521 |
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