El Monte is located in a strong market for 5+ unit multifamily loans. Multifamily loans in El Monte are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in El Monte are some of the lowest nationally. El Monte 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 El Monte.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in El Monte 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 | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
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 | 5.88% - 6.03% |
| 7 Year Fixed | 6.01% - 6.09% |
| 10 Year Fixed | 5.94% - 6.09% |
All major multifamily lender types are lending in El Monte.
The city of El Monte in Los Angeles County has a population of 115,487. The median rent in Los Angeles County for a 2 bedroom is $2,238. The median El Monte resident is 36 years old with a yearly income of $21,165. The average family has 4.18 members and a median household income of $49,003. El Monte has a 12% higher education rate. The unemployment rate in El Monte is 6.2%.
60% of El Monte households are renters.
37.9% median household income spent on rent.
Bedrooms |
Los Angeles County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,488 | $1,137 | $737 |
| 1 bedroom | $1,746 | $1,291 | $813 |
| 2 bedroom | $2,238 | $1,635 | $1,015 |
| 3 bedroom | $2,974 | $2,254 | $1,325 |
| 4 bedroom | $3,243 | $2,613 | $1,521 |
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