New Albany is located in a good market for 5+ unit multifamily loans. Multifamily loans in New Albany are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in New Albany are competitive. New Albany 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 New Albany.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Albany 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 | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 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 New Albany.
The city of New Albany in Floyd County has a population of 36,843. The median rent in Floyd County for a 2 bedroom is $979. The median New Albany resident is 38 years old with a yearly income of $27,949. The average family has 3.14 members and a median household income of $48,734. New Albany has a 22% higher education rate. The unemployment rate in New Albany is 4.1%.
44.5% of New Albany households are renters.
31.1% median household income spent on rent.
Bedrooms |
Floyd County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $692 | $593 | $737 |
| 1 bedroom | $810 | $666 | $813 |
| 2 bedroom | $979 | $840 | $1,015 |
| 3 bedroom | $1,311 | $1,099 | $1,325 |
| 4 bedroom | $1,502 | $1,251 | $1,521 |
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