Shelby is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Shelby are considered greater risk due to market dynamics. Interest rates for multifamily loans in Shelby are higher than the national average. Shelby 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 Shelby.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Shelby 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 | 5.58% - 5.82% |
7 Year Fixed | 5.37% - 5.61% |
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 Shelby.
The city of Shelby in Cleveland County has a population of 20,026. The median rent in Cleveland County for a 2 bedroom is $730. The median Shelby resident is 45 years old with a yearly income of $21,520. The average family has 3.25 members and a median household income of $38,559. Shelby has a 24% higher education rate. The unemployment rate in Shelby is 9.2%.
48.7% of Shelby households are renters.
37.3% median household income spent on rent.
Bedrooms |
Cleveland County 1 |
North Carolina 2 |
National 2 |
---|---|---|---|
Studio | $520 | $694 | $737 |
1 bedroom | $574 | $713 | $813 |
2 bedroom | $730 | $871 | $1,015 |
3 bedroom | $968 | $1,152 | $1,325 |
4 bedroom | $1,186 | $1,386 | $1,521 |
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