Faribault is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Faribault are considered greater risk due to market dynamics. Interest rates for multifamily loans in Faribault are higher than the national average. Faribault 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 Faribault.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Faribault are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.38% - 6.62% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Faribault.
The city of Faribault in Rice County has a population of 23,897. The median rent in Rice County for a 2 bedroom is $950. The median Faribault resident is 38 years old with a yearly income of $29,774. The average family has 3.23 members and a median household income of $50,702. Faribault has a 17% higher education rate. The unemployment rate in Faribault is 5.2%.
36% of Faribault households are renters.
37.9% median household income spent on rent.
Bedrooms |
Rice County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $641 | $607 | $737 |
| 1 bedroom | $721 | $694 | $813 |
| 2 bedroom | $950 | $881 | $1,015 |
| 3 bedroom | $1,306 | $1,200 | $1,325 |
| 4 bedroom | $1,374 | $1,366 | $1,521 |
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