Evansville is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Evansville are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Evansville are slightly higher than the national average. Evansville 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 Evansville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Evansville 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 | 5.29% - 5.53% |
| 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 Evansville.
The city of Evansville in Vanderburgh County has a population of 117,979. The median rent in Vanderburgh County for a 2 bedroom is $903. The median Evansville resident is 38 years old with a yearly income of $24,291. The average family has 2.95 members and a median household income of $40,178. Evansville has a 22% higher education rate. The unemployment rate in Evansville is 5.9%.
44.9% of Evansville households are renters.
32.6% median household income spent on rent.
Bedrooms |
Vanderburgh County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $638 | $593 | $737 |
| 1 bedroom | $716 | $666 | $813 |
| 2 bedroom | $903 | $840 | $1,015 |
| 3 bedroom | $1,183 | $1,099 | $1,325 |
| 4 bedroom | $1,306 | $1,251 | $1,521 |
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