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Multifamily Loans in
Birmingham, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Birmingham, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Birmingham 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 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
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 Birmingham 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 Birmingham, MI

All major multifamily lender types are lending in Birmingham.


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 05, 2021


Birmingham Market

The city of Birmingham in Oakland County has a population of 21,389. The median rent in Oakland County for a 2 bedroom is $1,126. The median Birmingham resident is 42 years old with a yearly income of $71,872. The average family has 3.05 members and a median household income of $122,804. Birmingham has a 77% higher education rate. The unemployment rate in Birmingham is 2.4%.


Population
21,389 people

County
Oakland County

Renters

25.9% of Birmingham households are renters.


Rent Burden

21.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Oakland County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Birmingham Demographics


Median Individual Income
$71,872 / year

Median Household Income
$122,804 / year

Families w/ Dual Incomes
57%

Unemployment Rate
2.4%
Household Income Distribution
Birmingham, MI

Median Age
42 years

Avg Family Size
3.05 people
Age Distribution
Birmingham, MI

College Education or Above
77%

STEM College Graduates
42%
Education Distribution
Birmingham, MI
Source: U.S. Census Bureau

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