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Multifamily Loans in
Wilmington, NC

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Wilmington, NC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wilmington 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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Wilmington 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 02, 2021


Multifamily Lenders in Wilmington, NC

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


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 02, 2021


Wilmington Market

The city of Wilmington in New Hanover County has a population of 123,744. The median rent in New Hanover County for a 2 bedroom is $1,131. The median Wilmington resident is 36 years old with a yearly income of $25,561. The average family has 2.94 members and a median household income of $47,580. Wilmington has a 42% higher education rate. The unemployment rate in Wilmington is 5.7%.


Population
123,744 people

County
New Hanover County

Renters

55.5% of Wilmington households are renters.


Rent Burden

38.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
New Hanover County 1
North Carolina 2
National 2
Studio $798 $694 $737
1 bedroom $924 $713 $813
2 bedroom $1,131 $871 $1,015
3 bedroom $1,533 $1,152 $1,325
4 bedroom $1,948 $1,386 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Wilmington Demographics


Median Individual Income
$25,561 / year

Median Household Income
$47,580 / year

Families w/ Dual Incomes
45%

Unemployment Rate
5.7%
Household Income Distribution
Wilmington, NC

Median Age
36 years

Avg Family Size
2.94 people
Age Distribution
Wilmington, NC

College Education or Above
42%

STEM College Graduates
43%
Education Distribution
Wilmington, NC
Source: U.S. Census Bureau

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