Richmond is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Richmond are considered greater risk due to market dynamics. Interest rates for multifamily loans in Richmond are higher than the national average. Richmond 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 Richmond.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Richmond 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 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 Richmond.
The city of Richmond in Wayne County has a population of 35,342. The median rent in Wayne County for a 2 bedroom is $769. The median Richmond resident is 39 years old with a yearly income of $21,987. The average family has 2.92 members and a median household income of $39,724. Richmond has a 19% higher education rate. The unemployment rate in Richmond is 6.4%.
45% of Richmond households are renters.
28.5% median household income spent on rent.
Bedrooms |
Wayne County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $507 | $593 | $737 |
| 1 bedroom | $584 | $666 | $813 |
| 2 bedroom | $769 | $840 | $1,015 |
| 3 bedroom | $977 | $1,099 | $1,325 |
| 4 bedroom | $1,092 | $1,251 | $1,521 |
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