Bay City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Bay City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Bay City are higher than the national average. Bay City 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 Bay City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Bay City 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 Bay City.
The city of Bay City in Bay County has a population of 32,717. The median rent in Bay County for a 2 bedroom is $825. The median Bay City resident is 38 years old with a yearly income of $22,711. The average family has 3.02 members and a median household income of $37,893. Bay City has a 16% higher education rate. The unemployment rate in Bay City is 8.9%.
32% of Bay City households are renters.
32.3% median household income spent on rent.
Bedrooms |
Bay County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $544 | $607 | $737 |
| 1 bedroom | $626 | $678 | $813 |
| 2 bedroom | $825 | $855 | $1,015 |
| 3 bedroom | $1,085 | $1,118 | $1,325 |
| 4 bedroom | $1,132 | $1,238 | $1,521 |
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