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Multifamily Loans in
Forest Lake, MN

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Forest Lake, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Forest Lake 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 Forest Lake 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 Forest Lake, MN

All major multifamily lender types are lending in Forest Lake.


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


Forest Lake Market

The city of Forest Lake in Washington County has a population of 20,933. The median rent in Washington County for a 2 bedroom is $1,410. The median Forest Lake resident is 39 years old with a yearly income of $40,325. The average family has 3.07 members and a median household income of $79,840. Forest Lake has a 32% higher education rate. The unemployment rate in Forest Lake is 2.9%.


Population
20,933 people

County
Washington County

Renters

27.8% of Forest Lake households are renters.


Rent Burden

29.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Washington 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

Forest Lake Demographics


Median Individual Income
$40,325 / year

Median Household Income
$79,840 / year

Families w/ Dual Incomes
64%

Unemployment Rate
2.9%
Household Income Distribution
Forest Lake, MN

Median Age
39 years

Avg Family Size
3.07 people
Age Distribution
Forest Lake, MN

College Education or Above
32%

STEM College Graduates
50%
Education Distribution
Forest Lake, MN
Source: U.S. Census Bureau

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