Florence is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Florence are considered greater risk due to market dynamics. Interest rates for multifamily loans in Florence are higher than the national average. Florence 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 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 $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 Florence.
The city of Florence in Florence County has a population of 38,531. The median rent in Florence County for a 2 bedroom is $870. The median Florence resident is 40 years old with a yearly income of $26,178. The average family has 3.15 members and a median household income of $49,525. Florence has a 31% higher education rate. The unemployment rate in Florence is 5.2%.
41.5% of Florence households are renters.
34.5% median household income spent on rent.
Bedrooms |
Florence County 1 |
South Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $662 | $697 | $737 |
| 1 bedroom | $667 | $732 | $813 |
| 2 bedroom | $870 | $879 | $1,015 |
| 3 bedroom | $1,101 | $1,158 | $1,325 |
| 4 bedroom | $1,279 | $1,369 | $1,521 |
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