Lakeland is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Lakeland are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Lakeland are slightly higher than the national average. Lakeland 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 Lakeland.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lakeland 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 | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 Lakeland.
The city of Lakeland in Polk County has a population of 112,136. The median rent in Polk County for a 2 bedroom is $1,099. The median Lakeland resident is 41 years old with a yearly income of $27,233. The average family has 3.21 members and a median household income of $47,511. Lakeland has a 26% higher education rate. The unemployment rate in Lakeland is 6.4%.
44.4% of Lakeland households are renters.
31.8% median household income spent on rent.
Bedrooms |
Polk County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $853 | $822 | $737 |
| 1 bedroom | $859 | $891 | $813 |
| 2 bedroom | $1,099 | $1,089 | $1,015 |
| 3 bedroom | $1,478 | $1,448 | $1,325 |
| 4 bedroom | $1,896 | $1,716 | $1,521 |
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