Enterprise is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Enterprise are considered greater risk due to market dynamics. Interest rates for multifamily loans in Enterprise are higher than the national average. Enterprise 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 Enterprise.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Enterprise 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 Enterprise.
The city of Enterprise in Coffee County has a population of 28,376. The median rent in Coffee County for a 2 bedroom is $744. The median Enterprise resident is 37 years old with a yearly income of $31,537. The average family has 3.12 members and a median household income of $62,695. Enterprise has a 30% higher education rate. The unemployment rate in Enterprise is 5.7%.
42.9% of Enterprise households are renters.
29.1% median household income spent on rent.
Bedrooms |
Coffee County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $562 | $580 | $737 |
| 1 bedroom | $593 | $626 | $813 |
| 2 bedroom | $744 | $767 | $1,015 |
| 3 bedroom | $1,065 | $1,004 | $1,325 |
| 4 bedroom | $1,273 | $1,157 | $1,521 |
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