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Multifamily Loans in
North Charleston, SC

Overview

North Charleston is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in North Charleston are considered moderate risk due to market dynamics. Interest rates for multifamily loans in North Charleston are slightly higher than the national average. North Charleston 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 North Charleston.

Get multifamily loan quotes for Feb 11, 2025


Multifamily Loan Rates in North Charleston, SC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Charleston 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%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 02/10/2025. This is not an offer or commitment to lend. Multifamily loan rates in North Charleston may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Feb 11, 2025


Multifamily Lenders in North Charleston, SC

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in North Charleston.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Feb 11, 2025


North Charleston Market

The city of North Charleston in Charleston County has a population of 115,382. The median rent in Charleston County for a 2 bedroom is $1,317. The median North Charleston resident is 33 years old with a yearly income of $26,512. The average family has 3.46 members and a median household income of $45,510. North Charleston has a 23% higher education rate. The unemployment rate in North Charleston is 5.0%.


Population
115,382 people

County
Charleston County

Renters
55.2%

55.2% of North Charleston households are renters.


Rent Burden
36.1%

36.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Charleston County 1
South Carolina 2
National 2
Studio $1,091 $697 $737
1 bedroom $1,155 $732 $813
2 bedroom $1,317 $879 $1,015
3 bedroom $1,685 $1,158 $1,325
4 bedroom $2,194 $1,369 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

North Charleston Demographics


Median Individual Income
$26,512 / year

Median Household Income
$45,510 / year

Families w/ Dual Incomes
48%

Unemployment Rate
5.0%
Household Income Distribution
North Charleston, SC
Under 35kUnder 35k25k-35k25k-35k35k-50k35k-50k75k-100k75k-100k100k-150k100k-150k150k+150k+39.913.719.511.496.540.030.020.010.00.0
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Median Age
33 years

Avg Family Size
3.46 people
Age Distribution
North Charleston, SC
Under 10Under 1010-1910-1920's20's30's30's40's40's50's50's60's60's70's70'sOver 80Over 8015.112.517.616.111.811.68.64.42.520.016.012.08.04.00.0
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College Education or Above
23%

STEM College Graduates
42%
Education Distribution
North Charleston, SC
< High School< High SchoolHigh SchoolHigh SchoolSome CollegeSome CollegeBachelor'sBachelor'sGraduateGraduate16.130.630.416.26.632.024.016.08.00.0
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Source: U.S. Census Bureau

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