New Bern is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in New Bern are considered greater risk due to market dynamics. Interest rates for multifamily loans in New Bern are higher than the national average. New Bern 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 New Bern.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Bern 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 New Bern.
The city of New Bern in Craven County has a population of 29,994. The median rent in Craven County for a 2 bedroom is $1,002. The median New Bern resident is 40 years old with a yearly income of $26,957. The average family has 2.76 members and a median household income of $43,204. New Bern has a 28% higher education rate. The unemployment rate in New Bern is 8.1%.
47% of New Bern households are renters.
35.3% median household income spent on rent.
Bedrooms |
Craven County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $771 | $694 | $737 |
| 1 bedroom | $794 | $713 | $813 |
| 2 bedroom | $1,002 | $871 | $1,015 |
| 3 bedroom | $1,358 | $1,152 | $1,325 |
| 4 bedroom | $1,735 | $1,386 | $1,521 |
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