Ferry Pass is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Ferry Pass are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Ferry Pass are slightly higher than the national average. Ferry Pass 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 Ferry Pass.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ferry Pass 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 | 5.91% - 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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 6.04% - 6.19% |
| 10 Year Fixed | 6.04% - 6.19% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Ferry Pass.
The city of Ferry Pass in Escambia County has a population of 32,376. The median rent in Escambia County for a 2 bedroom is $1,059. The median Ferry Pass resident is 32 years old with a yearly income of $25,234. The average family has 3.04 members and a median household income of $49,517. Ferry Pass has a 34% higher education rate. The unemployment rate in Ferry Pass is 6.3%.
54.2% of Ferry Pass households are renters.
29.9% median household income spent on rent.
Bedrooms |
Escambia County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $833 | $822 | $737 |
| 1 bedroom | $901 | $891 | $813 |
| 2 bedroom | $1,059 | $1,089 | $1,015 |
| 3 bedroom | $1,486 | $1,448 | $1,325 |
| 4 bedroom | $1,834 | $1,716 | $1,521 |
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