Las Cruces is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Las Cruces are considered greater risk due to market dynamics. Interest rates for multifamily loans in Las Cruces are higher than the national average. Las Cruces 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 Las Cruces.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Las Cruces 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.28% - 5.52% |
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 Las Cruces.
The city of Las Cruces in Doña Ana County has a population of 103,432. The median rent in Doña Ana County for a 2 bedroom is $773. The median Las Cruces resident is 32 years old with a yearly income of $22,782. The average family has 3.15 members and a median household income of $43,022. Las Cruces has a 32% higher education rate. The unemployment rate in Las Cruces is 7.3%.
46.1% of Las Cruces households are renters.
36.3% median household income spent on rent.
Bedrooms |
Doña Ana County 1 |
New Mexico 2 |
National 2 |
|---|---|---|---|
| Studio | $601 | $682 | $737 |
| 1 bedroom | $635 | $728 | $813 |
| 2 bedroom | $773 | $898 | $1,015 |
| 3 bedroom | $1,106 | $1,212 | $1,325 |
| 4 bedroom | $1,330 | $1,440 | $1,521 |
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