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Multifamily Loans in
Battle Creek, MI

Overview

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.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Battle Creek, MI

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 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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®
$6M to $100M
5 Year Fixed 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
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 Battle Creek 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 Battle Creek, MI

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Battle Creek.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 05, 2021


Battle Creek Market

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%.


Population
51,093 people

County
Calhoun County

Renters

40.4% of Battle Creek households are renters.


Rent Burden

34% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Battle Creek Demographics


Median Individual Income
$23,942 / year

Median Household Income
$42,298 / year

Families w/ Dual Incomes
48%

Unemployment Rate
7.6%
Household Income Distribution
Battle Creek, MI

Median Age
36 years

Avg Family Size
3.13 people
Age Distribution
Battle Creek, MI

College Education or Above
22%

STEM College Graduates
33%
Education Distribution
Battle Creek, MI
Source: U.S. Census Bureau

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