Florence is located in a good market for 5+ unit multifamily loans. Multifamily loans in Florence are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Florence are competitive. Florence 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 Florence.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Florence 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 | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 10 Year Fixed | 5.19% - 5.43% |
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 | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Florence.
The city of Florence in Boone County has a population of 33,004. The median rent in Boone County for a 2 bedroom is $989. The median Florence resident is 38 years old with a yearly income of $31,776. The average family has 3.04 members and a median household income of $57,348. Florence has a 25% higher education rate. The unemployment rate in Florence is 5.1%.
44.7% of Florence households are renters.
27.8% median household income spent on rent.
Bedrooms |
Boone County 1 |
Kentucky 2 |
National 2 |
|---|---|---|---|
| Studio | $653 | $548 | $737 |
| 1 bedroom | $754 | $605 | $813 |
| 2 bedroom | $989 | $763 | $1,015 |
| 3 bedroom | $1,343 | $1,011 | $1,325 |
| 4 bedroom | $1,539 | $1,144 | $1,521 |
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