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Multifamily Loans in
Allen Park, MI

Overview

Allen Park is located in a good market for 5+ unit multifamily loans. Multifamily loans in Allen Park are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Allen Park are competitive. Allen Park apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Allen Park.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Allen Park, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Allen Park are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Allen Park 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 Dec 05, 2021


Multifamily Lenders in Allen Park, MI

All major multifamily lender types are lending in Allen Park.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 05, 2021


Allen Park Market

The city of Allen Park in Wayne County has a population of 26,940. The median rent in Wayne County for a 2 bedroom is $1,126. The median Allen Park resident is 43 years old with a yearly income of $36,348. The average family has 2.98 members and a median household income of $67,130. Allen Park has a 26% higher education rate. The unemployment rate in Allen Park is 3.6%.


Population
26,940 people

County
Wayne County

Renters

16% of Allen Park households are renters.


Rent Burden

26.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Allen Park Demographics


Median Individual Income
$36,348 / year

Median Household Income
$67,130 / year

Families w/ Dual Incomes
53%

Unemployment Rate
3.6%
Household Income Distribution
Allen Park, MI

Median Age
43 years

Avg Family Size
2.98 people
Age Distribution
Allen Park, MI

College Education or Above
26%

STEM College Graduates
41%
Education Distribution
Allen Park, MI
Source: U.S. Census Bureau

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