Lexington is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Lexington are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Lexington are slightly higher than the national average. Lexington 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 Lexington.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lexington 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 | 5.29% - 5.53% |
| 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 Lexington.
The city of Lexington in Fayette County has a population of 323,152. The median rent in Fayette County for a 2 bedroom is $978. The median Lexington resident is 35 years old with a yearly income of $30,181. The average family has 2.99 members and a median household income of $57,291. Lexington has a 44% higher education rate. The unemployment rate in Lexington is 5.1%.
45.6% of Lexington households are renters.
30% median household income spent on rent.
Bedrooms |
Fayette County 1 |
Kentucky 2 |
National 2 |
|---|---|---|---|
| Studio | $677 | $548 | $737 |
| 1 bedroom | $783 | $605 | $813 |
| 2 bedroom | $978 | $763 | $1,015 |
| 3 bedroom | $1,349 | $1,011 | $1,325 |
| 4 bedroom | $1,645 | $1,144 | $1,521 |
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