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Multifamily Loans in
Avon Lake, OH

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Avon Lake, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Avon Lake 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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
10 Year Fixed 3.28% - 3.68%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Avon Lake 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 08, 2021


Multifamily Lenders in Avon Lake, OH

All major multifamily lender types are lending in Avon Lake.


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 08, 2021


Avon Lake Market

The city of Avon Lake in Lorain County has a population of 24,504. The median rent in Lorain County for a 2 bedroom is $925. The median Avon Lake resident is 45 years old with a yearly income of $42,294. The average family has 3.04 members and a median household income of $83,018. Avon Lake has a 51% higher education rate. The unemployment rate in Avon Lake is 2.3%.


Population
24,504 people

County
Lorain County

Renters

18.5% of Avon Lake households are renters.


Rent Burden

30.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lorain County 1
Ohio 2
National 2
Studio $640 $597 $737
1 bedroom $754 $662 $813
2 bedroom $925 $834 $1,015
3 bedroom $1,216 $1,084 $1,325
4 bedroom $1,271 $1,205 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Avon Lake Demographics


Median Individual Income
$42,294 / year

Median Household Income
$83,018 / year

Families w/ Dual Incomes
57%

Unemployment Rate
2.3%
Household Income Distribution
Avon Lake, OH

Median Age
45 years

Avg Family Size
3.04 people
Age Distribution
Avon Lake, OH

College Education or Above
51%

STEM College Graduates
36%
Education Distribution
Avon Lake, OH
Source: U.S. Census Bureau

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