Colorado Springs is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Colorado Springs are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Colorado Springs are slightly higher than the national average. Colorado Springs 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 Colorado Springs.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Colorado Springs 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.18% - 5.42% |
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 Colorado Springs.
The city of Colorado Springs in El Paso County has a population of 478,221. The median rent in El Paso County for a 2 bedroom is $1,306. The median Colorado Springs resident is 35 years old with a yearly income of $32,215. The average family has 3.1 members and a median household income of $64,712. Colorado Springs has a 40% higher education rate. The unemployment rate in Colorado Springs is 5.7%.
41% of Colorado Springs households are renters.
31.7% median household income spent on rent.
Bedrooms |
El Paso County 1 |
Colorado 2 |
National 2 |
|---|---|---|---|
| Studio | $867 | $873 | $737 |
| 1 bedroom | $1,033 | $932 | $813 |
| 2 bedroom | $1,306 | $1,168 | $1,015 |
| 3 bedroom | $1,869 | $1,570 | $1,325 |
| 4 bedroom | $2,261 | $1,825 | $1,521 |
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