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Multifamily Loans in
Bay City, MI

Overview

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.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Bay City, MI

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 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 Bay City 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 Bay City, MI

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


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


Bay City Market

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%.


Population
32,717 people

County
Bay County

Renters

32% of Bay City households are renters.


Rent Burden

32.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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

Bay City Demographics


Median Individual Income
$22,711 / year

Median Household Income
$37,893 / year

Families w/ Dual Incomes
45%

Unemployment Rate
8.9%
Household Income Distribution
Bay City, MI

Median Age
38 years

Avg Family Size
3.02 people
Age Distribution
Bay City, MI

College Education or Above
16%

STEM College Graduates
36%
Education Distribution
Bay City, MI
Source: U.S. Census Bureau

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