Memphis is located in a good market for 5+ unit multifamily loans. Multifamily loans in Memphis are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Memphis are competitive. Memphis apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Memphis.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Memphis 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.28% - 5.52% |
| 10 Year Fixed | 5.19% - 5.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Memphis.
The city of Memphis in Shelby County has a population of 651,073. The median rent in Shelby County for a 2 bedroom is $972. The median Memphis resident is 34 years old with a yearly income of $24,836. The average family has 3.43 members and a median household income of $41,228. Memphis has a 26% higher education rate. The unemployment rate in Memphis is 8.7%.
53.4% of Memphis households are renters.
36.5% median household income spent on rent.
Bedrooms |
Shelby County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $732 | $618 | $737 |
| 1 bedroom | $836 | $657 | $813 |
| 2 bedroom | $972 | $813 | $1,015 |
| 3 bedroom | $1,311 | $1,073 | $1,325 |
| 4 bedroom | $1,507 | $1,248 | $1,521 |
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