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Multifamily Loans in
Grand Forks, ND

Overview

Grand Forks is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Grand Forks are considered greater risk due to market dynamics. Interest rates for multifamily loans in Grand Forks are higher than the national average. Grand Forks 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 Grand Forks.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Grand Forks, ND

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Grand Forks 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 Grand Forks 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 Grand Forks, ND

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


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


Grand Forks Market

The city of Grand Forks in Grand Forks County has a population of 55,839. The median rent in Grand Forks County for a 2 bedroom is $938. The median Grand Forks resident is 29 years old with a yearly income of $28,110. The average family has 2.81 members and a median household income of $50,076. Grand Forks has a 37% higher education rate. The unemployment rate in Grand Forks is 4.2%.


Population
55,839 people

County
Grand Forks County

Renters

56.4% of Grand Forks households are renters.


Rent Burden

31.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Grand Forks County 1
North Dakota 2
National 2
Studio $662 $625 $737
1 bedroom $738 $642 $813
2 bedroom $938 $806 $1,015
3 bedroom $1,342 $1,109 $1,325
4 bedroom $1,624 $1,252 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Grand Forks Demographics


Median Individual Income
$28,110 / year

Median Household Income
$50,076 / year

Families w/ Dual Incomes
60%

Unemployment Rate
4.2%
Household Income Distribution
Grand Forks, ND

Median Age
29 years

Avg Family Size
2.81 people
Age Distribution
Grand Forks, ND

College Education or Above
37%

STEM College Graduates
45%
Education Distribution
Grand Forks, ND
Source: U.S. Census Bureau

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