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Multifamily Loans in
Elk River, MN

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Elk River, MN

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

All major multifamily lender types are lending in Elk River.


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 04, 2021


Elk River Market

The city of Elk River in Sherburne County has a population of 25,213. The median rent in Sherburne County for a 2 bedroom is $1,410. The median Elk River resident is 36 years old with a yearly income of $40,575. The average family has 3.2 members and a median household income of $89,596. Elk River has a 28% higher education rate. The unemployment rate in Elk River is 4.5%.


Population
25,213 people

County
Sherburne County

Renters

21.4% of Elk River households are renters.


Rent Burden

29.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Sherburne County 1
Minnesota 2
National 2
Studio $968 $607 $737
1 bedroom $1,136 $694 $813
2 bedroom $1,410 $881 $1,015
3 bedroom $1,982 $1,200 $1,325
4 bedroom $2,324 $1,366 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Elk River Demographics


Median Individual Income
$40,575 / year

Median Household Income
$89,596 / year

Families w/ Dual Incomes
62%

Unemployment Rate
4.5%
Household Income Distribution
Elk River, MN

Median Age
36 years

Avg Family Size
3.2 people
Age Distribution
Elk River, MN

College Education or Above
28%

STEM College Graduates
37%
Education Distribution
Elk River, MN
Source: U.S. Census Bureau

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