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Multifamily Loans in
East Lansing, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in East Lansing, MI

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

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


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 05, 2021


East Lansing Market

The city of East Lansing in Ingham County has a population of 48,145. The median rent in Ingham County for a 2 bedroom is $962. The median East Lansing resident is 21 years old with a yearly income of $8,538. The average family has 2.92 members and a median household income of $39,867. East Lansing has a 72% higher education rate. The unemployment rate in East Lansing is 8.6%.


Population
48,145 people

County
Ingham County

Renters

64.4% of East Lansing households are renters.


Rent Burden

51% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Ingham County 1
Michigan 2
National 2
Studio $751 $607 $737
1 bedroom $783 $678 $813
2 bedroom $962 $855 $1,015
3 bedroom $1,239 $1,118 $1,325
4 bedroom $1,338 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

East Lansing Demographics


Median Individual Income
$8,538 / year

Median Household Income
$39,867 / year

Families w/ Dual Incomes
55%

Unemployment Rate
8.6%
Household Income Distribution
East Lansing, MI

Median Age
21 years

Avg Family Size
2.92 people
Age Distribution
East Lansing, MI

College Education or Above
72%

STEM College Graduates
54%
Education Distribution
East Lansing, MI
Source: U.S. Census Bureau

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