New Iberia is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in New Iberia are considered moderate risk due to market dynamics. Interest rates for multifamily loans in New Iberia are slightly higher than the national average. New Iberia apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in New Iberia.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Iberia 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in New Iberia.
The city of New Iberia in Iberia Parish has a population of 28,454. The median rent in Iberia Parish for a 2 bedroom is $858. The median New Iberia resident is 36 years old with a yearly income of $21,086. The average family has 3.24 members and a median household income of $38,221. New Iberia has a 17% higher education rate. The unemployment rate in New Iberia is 10.7%.
43.9% of New Iberia households are renters.
35.4% median household income spent on rent.
Bedrooms |
Iberia Parish 1 |
Louisiana 2 |
National 2 |
|---|---|---|---|
| Studio | $647 | $665 | $737 |
| 1 bedroom | $651 | $729 | $813 |
| 2 bedroom | $858 | $888 | $1,015 |
| 3 bedroom | $1,070 | $1,160 | $1,325 |
| 4 bedroom | $1,358 | $1,326 | $1,521 |
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