Le Ray is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Le Ray are considered greater risk due to market dynamics. Interest rates for multifamily loans in Le Ray are higher than the national average. Le Ray 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 Le Ray.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Le Ray 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 | 5.33% - 5.57% |
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 Le Ray.
The city of Le Ray in Jefferson County has a population of 21,427. The median rent in Jefferson County for a 2 bedroom is $1,139. The median Le Ray resident is 24 years old with a yearly income of $27,272. The average family has 3.16 members and a median household income of $53,227. Le Ray has a 27% higher education rate. The unemployment rate in Le Ray is 6.6%.
81% of Le Ray households are renters.
30.9% median household income spent on rent.
Bedrooms |
Jefferson County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $751 | $909 | $737 |
| 1 bedroom | $864 | $990 | $813 |
| 2 bedroom | $1,139 | $1,202 | $1,015 |
| 3 bedroom | $1,511 | $1,537 | $1,325 |
| 4 bedroom | $1,751 | $1,692 | $1,521 |
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