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Multifamily Loans in
Garden City, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Garden City, MI

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

All major multifamily lender types are lending in Garden City.


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 05, 2021


Garden City Market

The city of Garden City in Wayne County has a population of 26,408. The median rent in Wayne County for a 2 bedroom is $1,126. The median Garden City resident is 41 years old with a yearly income of $29,223. The average family has 3.15 members and a median household income of $56,521. Garden City has a 12% higher education rate. The unemployment rate in Garden City is 3.6%.


Population
26,408 people

County
Wayne County

Renters

19.3% of Garden City households are renters.


Rent Burden

33.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Garden City Demographics


Median Individual Income
$29,223 / year

Median Household Income
$56,521 / year

Families w/ Dual Incomes
53%

Unemployment Rate
3.6%
Household Income Distribution
Garden City, MI

Median Age
41 years

Avg Family Size
3.15 people
Age Distribution
Garden City, MI

College Education or Above
12%

STEM College Graduates
48%
Education Distribution
Garden City, MI
Source: U.S. Census Bureau

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