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.
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 | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Grand Forks.
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%.
56.4% of Grand Forks households are renters.
31.3% median household income spent on rent.
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 |
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