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Multifamily Loans in
Bloomington, IN

Overview

Bloomington is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Bloomington are considered greater risk due to market dynamics. Interest rates for multifamily loans in Bloomington are higher than the national average. Bloomington 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 Bloomington.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Bloomington, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Bloomington 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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Bloomington 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 02, 2021


Multifamily Lenders in Bloomington, IN

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


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 02, 2021


Bloomington Market

The city of Bloomington in Monroe County has a population of 85,755. The median rent in Monroe County for a 2 bedroom is $981. The median Bloomington resident is 24 years old with a yearly income of $15,467. The average family has 2.83 members and a median household income of $37,077. Bloomington has a 56% higher education rate. The unemployment rate in Bloomington is 6.7%.


Population
85,755 people

County
Monroe County

Renters

64.5% of Bloomington households are renters.


Rent Burden

46% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Monroe County 1
Indiana 2
National 2
Studio $721 $593 $737
1 bedroom $792 $666 $813
2 bedroom $981 $840 $1,015
3 bedroom $1,349 $1,099 $1,325
4 bedroom $1,698 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Bloomington Demographics


Median Individual Income
$15,467 / year

Median Household Income
$37,077 / year

Families w/ Dual Incomes
55%

Unemployment Rate
6.7%
Household Income Distribution
Bloomington, IN

Median Age
24 years

Avg Family Size
2.83 people
Age Distribution
Bloomington, IN

College Education or Above
56%

STEM College Graduates
44%
Education Distribution
Bloomington, IN
Source: U.S. Census Bureau

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