Cookeville is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Cookeville are considered greater risk due to market dynamics. Interest rates for multifamily loans in Cookeville are higher than the national average. Cookeville apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Cookeville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cookeville 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 | 5.37% - 5.61% |
| 10 Year Fixed | 5.23% - 5.47% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Cookeville.
The city of Cookeville in Putnam County has a population of 34,706. The median rent in Putnam County for a 2 bedroom is $757. The median Cookeville resident is 30 years old with a yearly income of $21,574. The average family has 2.81 members and a median household income of $38,256. Cookeville has a 34% higher education rate. The unemployment rate in Cookeville is 8.1%.
59% of Cookeville households are renters.
34.8% median household income spent on rent.
Bedrooms |
Putnam County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $579 | $618 | $737 |
| 1 bedroom | $583 | $657 | $813 |
| 2 bedroom | $757 | $813 | $1,015 |
| 3 bedroom | $1,042 | $1,073 | $1,325 |
| 4 bedroom | $1,152 | $1,248 | $1,521 |
We're here to help.