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Multifamily Loans in
Duluth, MN

Overview

Duluth is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Duluth are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Duluth are slightly higher than the national average. Duluth apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Duluth.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Duluth, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Duluth 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
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 Duluth 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 Duluth, MN

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


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


Duluth Market

The city of Duluth in St. Louis County has a population of 85,618. The median rent in St. Louis County for a 2 bedroom is $947. The median Duluth resident is 34 years old with a yearly income of $25,832. The average family has 2.84 members and a median household income of $52,463. Duluth has a 38% higher education rate. The unemployment rate in Duluth is 4.4%.


Population
85,618 people

County
St. Louis County

Renters

39.6% of Duluth households are renters.


Rent Burden

34.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
St. Louis County 1
Minnesota 2
National 2
Studio $701 $607 $737
1 bedroom $719 $694 $813
2 bedroom $947 $881 $1,015
3 bedroom $1,222 $1,200 $1,325
4 bedroom $1,493 $1,366 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Duluth Demographics


Median Individual Income
$25,832 / year

Median Household Income
$52,463 / year

Families w/ Dual Incomes
57%

Unemployment Rate
4.4%
Household Income Distribution
Duluth, MN

Median Age
34 years

Avg Family Size
2.84 people
Age Distribution
Duluth, MN

College Education or Above
38%

STEM College Graduates
48%
Education Distribution
Duluth, MN
Source: U.S. Census Bureau

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