Asheville is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Asheville are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Asheville are slightly higher than the national average. Asheville 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 Asheville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Asheville are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Asheville.
The city of Asheville in Buncombe County has a population of 92,870. The median rent in Buncombe County for a 2 bedroom is $1,372. The median Asheville resident is 39 years old with a yearly income of $28,385. The average family has 2.96 members and a median household income of $49,930. Asheville has a 49% higher education rate. The unemployment rate in Asheville is 2.8%.
51.8% of Asheville households are renters.
35% median household income spent on rent.
Bedrooms |
Buncombe County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $1,176 | $694 | $737 |
| 1 bedroom | $1,179 | $713 | $813 |
| 2 bedroom | $1,372 | $871 | $1,015 |
| 3 bedroom | $1,878 | $1,152 | $1,325 |
| 4 bedroom | $2,374 | $1,386 | $1,521 |
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