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Multifamily Loans in
Brookings, SD

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Brookings, SD

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Brookings 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 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Brookings 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 04, 2021


Multifamily Lenders in Brookings, SD

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


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 04, 2021


Brookings Market

The city of Brookings in Brookings County has a population of 24,415. The median rent in Brookings County for a 2 bedroom is $811. The median Brookings resident is 24 years old with a yearly income of $21,688. The average family has 3.09 members and a median household income of $53,863. Brookings has a 46% higher education rate. The unemployment rate in Brookings is 4.1%.


Population
24,415 people

County
Brookings County

Renters

50.8% of Brookings households are renters.


Rent Burden

25.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Brookings County 1
South Dakota 2
National 2
Studio $613 $539 $737
1 bedroom $617 $599 $813
2 bedroom $811 $770 $1,015
3 bedroom $1,161 $1,019 $1,325
4 bedroom $1,404 $1,196 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Brookings Demographics


Median Individual Income
$21,688 / year

Median Household Income
$53,863 / year

Families w/ Dual Incomes
68%

Unemployment Rate
4.1%
Household Income Distribution
Brookings, SD

Median Age
24 years

Avg Family Size
3.09 people
Age Distribution
Brookings, SD

College Education or Above
46%

STEM College Graduates
54%
Education Distribution
Brookings, SD
Source: U.S. Census Bureau

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