Lake Charles is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Lake Charles are considered greater risk due to market dynamics. Interest rates for multifamily loans in Lake Charles are higher than the national average. Lake Charles 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 Lake Charles.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lake Charles 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 Lake Charles.
The city of Lake Charles in Calcasieu Parish has a population of 78,396. The median rent in Calcasieu Parish for a 2 bedroom is $926. The median Lake Charles resident is 36 years old with a yearly income of $24,402. The average family has 3.07 members and a median household income of $42,942. Lake Charles has a 28% higher education rate. The unemployment rate in Lake Charles is 6.2%.
47.6% of Lake Charles households are renters.
34.5% median household income spent on rent.
Bedrooms |
Calcasieu Parish 1 |
Louisiana 2 |
National 2 |
|---|---|---|---|
| Studio | $692 | $665 | $737 |
| 1 bedroom | $718 | $729 | $813 |
| 2 bedroom | $926 | $888 | $1,015 |
| 3 bedroom | $1,163 | $1,160 | $1,325 |
| 4 bedroom | $1,342 | $1,326 | $1,521 |
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