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Multifamily Loans in
Garfield Heights, OH

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Garfield Heights, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Garfield Heights 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 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Garfield Heights 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 Nov 26, 2021


Multifamily Lenders in Garfield Heights, OH

All major multifamily lender types are lending in Garfield Heights.


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 Nov 26, 2021


Garfield Heights Market

The city of Garfield Heights in Cuyahoga County has a population of 27,448. The median rent in Cuyahoga County for a 2 bedroom is $925. The median Garfield Heights resident is 39 years old with a yearly income of $26,438. The average family has 3.11 members and a median household income of $43,971. Garfield Heights has a 15% higher education rate. The unemployment rate in Garfield Heights is 9.0%.


Population
27,448 people

County
Cuyahoga County

Renters

37.7% of Garfield Heights households are renters.


Rent Burden

39.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cuyahoga County 1
Ohio 2
National 2
Studio $640 $597 $737
1 bedroom $754 $662 $813
2 bedroom $925 $834 $1,015
3 bedroom $1,216 $1,084 $1,325
4 bedroom $1,271 $1,205 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Garfield Heights Demographics


Median Individual Income
$26,438 / year

Median Household Income
$43,971 / year

Families w/ Dual Incomes
52%

Unemployment Rate
9.0%
Household Income Distribution
Garfield Heights, OH

Median Age
39 years

Avg Family Size
3.11 people
Age Distribution
Garfield Heights, OH

College Education or Above
15%

STEM College Graduates
37%
Education Distribution
Garfield Heights, OH
Source: U.S. Census Bureau

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