Oak Ridge is located in a good market for 5+ unit multifamily loans. Multifamily loans in Oak Ridge are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Oak Ridge are competitive. Oak Ridge 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 Oak Ridge.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Oak Ridge 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 | 5.44% - 5.68% |
| 7 Year Fixed | 5.28% - 5.52% |
| 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 Oak Ridge.
The city of Oak Ridge in Anderson County has a population of 29,156. The median rent in Anderson County for a 2 bedroom is $961. The median Oak Ridge resident is 41 years old with a yearly income of $29,811. The average family has 3 members and a median household income of $55,230. Oak Ridge has a 38% higher education rate. The unemployment rate in Oak Ridge is 5.4%.
37.3% of Oak Ridge households are renters.
27.2% median household income spent on rent.
Bedrooms |
Anderson County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $669 | $618 | $737 |
| 1 bedroom | $782 | $657 | $813 |
| 2 bedroom | $961 | $813 | $1,015 |
| 3 bedroom | $1,267 | $1,073 | $1,325 |
| 4 bedroom | $1,524 | $1,248 | $1,521 |
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