Monroe is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Monroe are considered greater risk due to market dynamics. Interest rates for multifamily loans in Monroe are higher than the national average. Monroe 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 Monroe.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Monroe 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 Monroe.
The city of Monroe in Ouachita Parish has a population of 47,294. The median rent in Ouachita Parish for a 2 bedroom is $861. The median Monroe resident is 33 years old with a yearly income of $19,064. The average family has 3.58 members and a median household income of $30,438. Monroe has a 26% higher education rate. The unemployment rate in Monroe is 8.5%.
57.2% of Monroe households are renters.
42.1% median household income spent on rent.
Bedrooms |
Ouachita Parish 1 |
Louisiana 2 |
National 2 |
|---|---|---|---|
| Studio | $649 | $665 | $737 |
| 1 bedroom | $653 | $729 | $813 |
| 2 bedroom | $861 | $888 | $1,015 |
| 3 bedroom | $1,084 | $1,160 | $1,325 |
| 4 bedroom | $1,190 | $1,326 | $1,521 |
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