East Ridge is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in East Ridge are considered moderate risk due to market dynamics. Interest rates for multifamily loans in East Ridge are slightly higher than the national average. East Ridge 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 East Ridge.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in East Ridge 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 East Ridge.
The city of East Ridge in Hamilton County has a population of 21,182. The median rent in Hamilton County for a 2 bedroom is $900. The median East Ridge resident is 40 years old with a yearly income of $26,886. The average family has 3.06 members and a median household income of $47,203. East Ridge has a 22% higher education rate. The unemployment rate in East Ridge is 4.3%.
43.9% of East Ridge households are renters.
37.1% median household income spent on rent.
Bedrooms |
Hamilton County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $683 | $618 | $737 |
| 1 bedroom | $746 | $657 | $813 |
| 2 bedroom | $900 | $813 | $1,015 |
| 3 bedroom | $1,173 | $1,073 | $1,325 |
| 4 bedroom | $1,402 | $1,248 | $1,521 |
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