Meridian is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Meridian are considered greater risk due to market dynamics. Interest rates for multifamily loans in Meridian are higher than the national average. Meridian 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 Meridian.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Meridian 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 | 5.37% - 5.61% |
| 10 Year Fixed | 5.23% - 5.47% |
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 Meridian.
The city of Meridian in Lauderdale County has a population of 36,347. The median rent in Lauderdale County for a 2 bedroom is $816. The median Meridian resident is 37 years old with a yearly income of $21,078. The average family has 3.05 members and a median household income of $32,422. Meridian has a 20% higher education rate. The unemployment rate in Meridian is 7.3%.
50.6% of Meridian households are renters.
38% median household income spent on rent.
Bedrooms |
Lauderdale County 1 |
Mississippi 2 |
National 2 |
|---|---|---|---|
| Studio | $538 | $573 | $737 |
| 1 bedroom | $624 | $612 | $813 |
| 2 bedroom | $816 | $754 | $1,015 |
| 3 bedroom | $1,015 | $975 | $1,325 |
| 4 bedroom | $1,107 | $1,111 | $1,521 |
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