Alabama: In the Spotlight
Alabama, often known as the Yellowhammer State, is home to roughly 4.9 million people. The state of Alabama is the 24th most populous state and is also home to cities like Birmingham, which is the most populated city in the state with over 209 thousand residents in the city. Montgomery is another key location in the state, with more than 205 thousand people calling the region home.
- Montgomery is home to the world’s first electric trolley system, built in 1886
- Redstone Arsenal is the largest employer in Alabama, with over 60,000 employees.
- The average household income is $50,536.
- The average age in Alabama is 39 years old.
- Alabama has 1,758,609 million employees across the state.
- The homeownership rate is just under 69%, which leaves 31% of the residents looking for apartments and rental properties.
Alabama Apartment Loan and Multifamily Property Facts
Alabama is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- Alabama is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Alabama are 0.62% higher than the previous year.
- The average rent in Alabama is $792.
The market for commercial real estate in Alabama is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to continue its trajectory of average population growth through 2025, contributing to the demand for apartments, condos, and other rental units.
Alabama Apartment Loan and Lending Options
In the state of Alabama, there are several different ways that you can finance your new apartment property, whether you’re looking for a massive multi-unit tower in Birmingham or a simple eight-unit property in an up-and-coming neighborhood of Mobile. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS Loans
- And more!
Finance Your Alabama Apartment Building Now
Apartment.loans has an expert team specializing in apartment building loan products and options available for borrowers and investors of apartment properties throughout Alabama. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a cooperative, our team endeavors to meet all of your apartment mortgage loan needs. Alabama is a state that has been a decently strong market for apartment property loans and we are no strangers to arranging high-quality loans in the state for investors. We have a plethora of many available loan products to help qualified borrowers purchase or refinance an apartment property.
Apartment.loans offers apartment financing with terms and amortizations of up to 30 years, with recourse and non-recourse options, and flexibility when it comes to prepayment. Alabama apartment building loans typically close within 45 days of application. With the apartment.loans streamlined application process (with no-cost and no-obligations), gain unbiased access to the best possible apartment financing in the state of Alabama!
Apartment loans from $750,000 and up.