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Multifamily Loans in
Shelby, NC

Overview

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.

Get multifamily loan quotes for Jan 04, 2025


Multifamily Loan Rates in Shelby, NC

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%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 01/03/2025. This is not an offer or commitment to lend. Multifamily loan rates in Shelby 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 Jan 04, 2025


Multifamily Lenders in Shelby, NC

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


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 Jan 04, 2025


Shelby Market

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%.


Population
20,026 people

County
Cleveland County

Renters

48.7% of Shelby households are renters.


Rent Burden

37.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Shelby Demographics


Median Individual Income
$21,520 / year

Median Household Income
$38,559 / year

Families w/ Dual Incomes
35%

Unemployment Rate
9.2%
Household Income Distribution
Shelby, NC

Median Age
45 years

Avg Family Size
3.25 people
Age Distribution
Shelby, NC

College Education or Above
24%

STEM College Graduates
36%
Education Distribution
Shelby, NC
Source: U.S. Census Bureau

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