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Multifamily Loans in
Detroit, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Detroit, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Detroit 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 Detroit 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 Detroit, MI

All major multifamily lender types are lending in Detroit.


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


Detroit Market

The city of Detroit in Wayne County has a population of 670,031. The median rent in Wayne County for a 2 bedroom is $1,126. The median Detroit resident is 35 years old with a yearly income of $19,798. The average family has 3.52 members and a median household income of $30,894. Detroit has a 15% higher education rate. The unemployment rate in Detroit is 15.7%.


Population
670,031 people

County
Wayne County

Renters

52.8% of Detroit households are renters.


Rent Burden

44% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne 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

Detroit Demographics


Median Individual Income
$19,798 / year

Median Household Income
$30,894 / year

Families w/ Dual Incomes
33%

Unemployment Rate
15.7%
Household Income Distribution
Detroit, MI

Median Age
35 years

Avg Family Size
3.52 people
Age Distribution
Detroit, MI

College Education or Above
15%

STEM College Graduates
40%
Education Distribution
Detroit, MI
Source: U.S. Census Bureau

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