Gainesville is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Gainesville are considered greater risk due to market dynamics. Interest rates for multifamily loans in Gainesville are higher than the national average. Gainesville 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 Gainesville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Gainesville 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 Gainesville.
The city of Gainesville in Hall County has a population of 43,232. The median rent in Hall County for a 2 bedroom is $1,008. The median Gainesville resident is 32 years old with a yearly income of $26,204. The average family has 3.61 members and a median household income of $51,520. Gainesville has a 27% higher education rate. The unemployment rate in Gainesville is 3.1%.
58.2% of Gainesville households are renters.
31.7% median household income spent on rent.
Bedrooms |
Hall County 1 |
Georgia 2 |
National 2 |
|---|---|---|---|
| Studio | $807 | $670 | $737 |
| 1 bedroom | $884 | $698 | $813 |
| 2 bedroom | $1,008 | $840 | $1,015 |
| 3 bedroom | $1,329 | $1,103 | $1,325 |
| 4 bedroom | $1,486 | $1,302 | $1,521 |
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