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Multifamily Loans in
Faribault, MN

Overview

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.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Faribault, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Faribault 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
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 Faribault 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 Faribault, MN

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


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


Faribault Market

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%.


Population
23,897 people

County
Rice County

Renters

36% of Faribault households are renters.


Rent Burden

37.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Faribault Demographics


Median Individual Income
$29,774 / year

Median Household Income
$50,702 / year

Families w/ Dual Incomes
53%

Unemployment Rate
5.2%
Household Income Distribution
Faribault, MN

Median Age
38 years

Avg Family Size
3.23 people
Age Distribution
Faribault, MN

College Education or Above
17%

STEM College Graduates
40%
Education Distribution
Faribault, MN
Source: U.S. Census Bureau

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