Battle Creek is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Battle Creek are considered greater risk due to market dynamics. Interest rates for multifamily loans in Battle Creek are higher than the national average. Battle Creek apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Battle Creek.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Battle Creek are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Battle Creek.
The city of Battle Creek in Calhoun County has a population of 51,093. The median rent in Calhoun County for a 2 bedroom is $895. The median Battle Creek resident is 36 years old with a yearly income of $23,942. The average family has 3.13 members and a median household income of $42,298. Battle Creek has a 22% higher education rate. The unemployment rate in Battle Creek is 7.6%.
40.4% of Battle Creek households are renters.
34% median household income spent on rent.
Bedrooms |
Calhoun County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $591 | $607 | $737 |
| 1 bedroom | $707 | $678 | $813 |
| 2 bedroom | $895 | $855 | $1,015 |
| 3 bedroom | $1,149 | $1,118 | $1,325 |
| 4 bedroom | $1,228 | $1,238 | $1,521 |
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