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Multifamily Loans in
Cedar Rapids, IA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Cedar Rapids, IA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cedar Rapids 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 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Cedar Rapids 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 08, 2021


Multifamily Lenders in Cedar Rapids, IA

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


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 08, 2021


Cedar Rapids Market

The city of Cedar Rapids in Linn County has a population of 133,562. The median rent in Linn County for a 2 bedroom is $839. The median Cedar Rapids resident is 36 years old with a yearly income of $32,284. The average family has 3.03 members and a median household income of $58,511. Cedar Rapids has a 32% higher education rate. The unemployment rate in Cedar Rapids is 4.0%.


Population
133,562 people

County
Linn County

Renters

30.7% of Cedar Rapids households are renters.


Rent Burden

27.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Linn County 1
Iowa 2
National 2
Studio $554 $558 $737
1 bedroom $637 $613 $813
2 bedroom $839 $785 $1,015
3 bedroom $1,199 $1,038 $1,325
4 bedroom $1,344 $1,151 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Cedar Rapids Demographics


Median Individual Income
$32,284 / year

Median Household Income
$58,511 / year

Families w/ Dual Incomes
57%

Unemployment Rate
4.0%
Household Income Distribution
Cedar Rapids, IA

Median Age
36 years

Avg Family Size
3.03 people
Age Distribution
Cedar Rapids, IA

College Education or Above
32%

STEM College Graduates
45%
Education Distribution
Cedar Rapids, IA
Source: U.S. Census Bureau

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