Summerville is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Summerville are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Summerville are slightly higher than the national average. Summerville 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 Summerville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Summerville 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 Summerville.
The city of Summerville in Dorchester County has a population of 52,549. The median rent in Dorchester County for a 2 bedroom is $1,317. The median Summerville resident is 36 years old with a yearly income of $32,285. The average family has 3.34 members and a median household income of $59,180. Summerville has a 30% higher education rate. The unemployment rate in Summerville is 5.4%.
36.4% of Summerville households are renters.
33% median household income spent on rent.
Bedrooms |
Dorchester County 1 |
South Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $1,091 | $697 | $737 |
| 1 bedroom | $1,155 | $732 | $813 |
| 2 bedroom | $1,317 | $879 | $1,015 |
| 3 bedroom | $1,685 | $1,158 | $1,325 |
| 4 bedroom | $2,194 | $1,369 | $1,521 |
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