Coral Terrace is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Coral Terrace are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Coral Terrace are some of the lowest nationally. Coral Terrace apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Coral Terrace.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Coral Terrace 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.22% - 5.46% |
| 7 Year Fixed | 5.28% - 5.52% |
| 10 Year Fixed | 5.19% - 5.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Coral Terrace.
The city of Coral Terrace in Miami-Dade County has a population of 25,387. The median rent in Miami-Dade County for a 2 bedroom is $1,684. The median Coral Terrace resident is 45 years old with a yearly income of $26,051. The average family has 3.66 members and a median household income of $62,547. Coral Terrace has a 29% higher education rate. The unemployment rate in Coral Terrace is 2.0%.
32.8% of Coral Terrace households are renters.
36% median household income spent on rent.
Bedrooms |
Miami-Dade County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $1,148 | $822 | $737 |
| 1 bedroom | $1,336 | $891 | $813 |
| 2 bedroom | $1,684 | $1,089 | $1,015 |
| 3 bedroom | $2,245 | $1,448 | $1,325 |
| 4 bedroom | $2,696 | $1,716 | $1,521 |
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