Columbia is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Columbia are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Columbia are slightly higher than the national average. Columbia 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 Columbia.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Columbia 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 | 5.13% - 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 Columbia.
The city of Columbia in Boone County has a population of 123,195. The median rent in Boone County for a 2 bedroom is $920. The median Columbia resident is 29 years old with a yearly income of $25,987. The average family has 2.94 members and a median household income of $51,276. Columbia has a 52% higher education rate. The unemployment rate in Columbia is 4.4%.
52.6% of Columbia households are renters.
33.7% median household income spent on rent.
Bedrooms |
Boone County 1 |
Missouri 2 |
National 2 |
|---|---|---|---|
| Studio | $707 | $535 | $737 |
| 1 bedroom | $760 | $594 | $813 |
| 2 bedroom | $920 | $761 | $1,015 |
| 3 bedroom | $1,235 | $1,010 | $1,325 |
| 4 bedroom | $1,520 | $1,155 | $1,521 |
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