Madison is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Madison are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Madison are slightly higher than the national average. Madison 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 Madison.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Madison 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 Madison.
The city of Madison in Madison County has a population of 51,593. The median rent in Madison County for a 2 bedroom is $883. The median Madison resident is 39 years old with a yearly income of $45,558. The average family has 3.14 members and a median household income of $99,188. Madison has a 59% higher education rate. The unemployment rate in Madison is 3.8%.
29.1% of Madison households are renters.
22.8% median household income spent on rent.
Bedrooms |
Madison County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $634 | $580 | $737 |
| 1 bedroom | $743 | $626 | $813 |
| 2 bedroom | $883 | $767 | $1,015 |
| 3 bedroom | $1,172 | $1,004 | $1,325 |
| 4 bedroom | $1,492 | $1,157 | $1,521 |
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