Foley is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Foley are considered greater risk due to market dynamics. Interest rates for multifamily loans in Foley are higher than the national average. Foley 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 Foley.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Foley 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 Foley.
The city of Foley in Baldwin County has a population of 20,391. The median rent in Baldwin County for a 2 bedroom is $1,054. The median Foley resident is 47 years old with a yearly income of $23,293. The average family has 3.13 members and a median household income of $43,614. Foley has a 24% higher education rate. The unemployment rate in Foley is 5.4%.
33.6% of Foley households are renters.
35.1% median household income spent on rent.
Bedrooms |
Baldwin County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $821 | $580 | $737 |
| 1 bedroom | $827 | $626 | $813 |
| 2 bedroom | $1,054 | $767 | $1,015 |
| 3 bedroom | $1,428 | $1,004 | $1,325 |
| 4 bedroom | $1,810 | $1,157 | $1,521 |
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