Sumter is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Sumter are considered greater risk due to market dynamics. Interest rates for multifamily loans in Sumter are higher than the national average. Sumter 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 Sumter.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sumter 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 Sumter.
The city of Sumter in Sumter County has a population of 39,642. The median rent in Sumter County for a 2 bedroom is $886. The median Sumter resident is 33 years old with a yearly income of $23,713. The average family has 3.13 members and a median household income of $40,662. Sumter has a 24% higher education rate. The unemployment rate in Sumter is 10.0%.
48.3% of Sumter households are renters.
32.2% median household income spent on rent.
Bedrooms |
Sumter County 1 |
South Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $700 | $697 | $737 |
| 1 bedroom | $716 | $732 | $813 |
| 2 bedroom | $886 | $879 | $1,015 |
| 3 bedroom | $1,155 | $1,158 | $1,325 |
| 4 bedroom | $1,294 | $1,369 | $1,521 |
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