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Multifamily Loans in
Allendale, MI

Overview

Allendale is located in a good market for 5+ unit multifamily loans. Multifamily loans in Allendale are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Allendale are competitive. Allendale 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 Allendale.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Allendale, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Allendale 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 Allendale 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 Allendale, MI

All major multifamily lender types are lending in Allendale.


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


Allendale Market

The city of Allendale in Ottawa County has a population of 21,672. The median rent in Ottawa County for a 2 bedroom is $989. The median Allendale resident is 21 years old with a yearly income of $12,426. The average family has 3.36 members and a median household income of $53,214. Allendale has a 36% higher education rate. The unemployment rate in Allendale is 7.4%.


Population
21,672 people

County
Ottawa County

Renters

46.9% of Allendale households are renters.


Rent Burden

43% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Ottawa County 1
Michigan 2
National 2
Studio $848 $607 $737
1 bedroom $868 $678 $813
2 bedroom $989 $855 $1,015
3 bedroom $1,377 $1,118 $1,325
4 bedroom $1,515 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Allendale Demographics


Median Individual Income
$12,426 / year

Median Household Income
$53,214 / year

Families w/ Dual Incomes
65%

Unemployment Rate
7.4%
Household Income Distribution
Allendale, MI

Median Age
21 years

Avg Family Size
3.36 people
Age Distribution
Allendale, MI

College Education or Above
36%

STEM College Graduates
43%
Education Distribution
Allendale, MI
Source: U.S. Census Bureau

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