Isla Vista is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Isla Vista are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Isla Vista are slightly higher than the national average. Isla Vista 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 Isla Vista.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Isla Vista 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.17% - 5.41% |
| 10 Year Fixed | 5.18% - 5.42% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Isla Vista.
The city of Isla Vista in Santa Barbara County has a population of 27,707. The median rent in Santa Barbara County for a 2 bedroom is $2,564. The median Isla Vista resident is 21 years old with a yearly income of $9,333. The average family has 2.66 members and a median household income of $24,545. Isla Vista has a 61% higher education rate. The unemployment rate in Isla Vista is 14.4%.
98% of Isla Vista households are renters.
74.7% median household income spent on rent.
Bedrooms |
Santa Barbara County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,867 | $1,137 | $737 |
| 1 bedroom | $2,177 | $1,291 | $813 |
| 2 bedroom | $2,564 | $1,635 | $1,015 |
| 3 bedroom | $3,388 | $2,254 | $1,325 |
| 4 bedroom | $3,877 | $2,613 | $1,521 |
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