Ridgeland is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Ridgeland are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Ridgeland are slightly higher than the national average. Ridgeland 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 Ridgeland.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ridgeland 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 Ridgeland.
The city of Ridgeland in Madison County has a population of 24,104. The median rent in Madison County for a 2 bedroom is $1,005. The median Ridgeland resident is 36 years old with a yearly income of $35,871. The average family has 2.97 members and a median household income of $60,823. Ridgeland has a 52% higher education rate. The unemployment rate in Ridgeland is 4.5%.
50.1% of Ridgeland households are renters.
27% median household income spent on rent.
Bedrooms |
Madison County 1 |
Mississippi 2 |
National 2 |
|---|---|---|---|
| Studio | $807 | $573 | $737 |
| 1 bedroom | $856 | $612 | $813 |
| 2 bedroom | $1,005 | $754 | $1,015 |
| 3 bedroom | $1,253 | $975 | $1,325 |
| 4 bedroom | $1,447 | $1,111 | $1,521 |
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