Wilmington is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Wilmington are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Wilmington are slightly higher than the national average. Wilmington 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 Wilmington.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wilmington 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 Wilmington.
The city of Wilmington in New Hanover County has a population of 123,744. The median rent in New Hanover County for a 2 bedroom is $1,131. The median Wilmington resident is 36 years old with a yearly income of $25,561. The average family has 2.94 members and a median household income of $47,580. Wilmington has a 42% higher education rate. The unemployment rate in Wilmington is 5.7%.
55.5% of Wilmington households are renters.
38.6% median household income spent on rent.
Bedrooms |
New Hanover County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $798 | $694 | $737 |
| 1 bedroom | $924 | $713 | $813 |
| 2 bedroom | $1,131 | $871 | $1,015 |
| 3 bedroom | $1,533 | $1,152 | $1,325 |
| 4 bedroom | $1,948 | $1,386 | $1,521 |
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