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Multifamily Loans in
Grand Island, NE

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Overview

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

For 2-4 unit multifamily loans in Grand Island, 2021 conforming loan limits are $702,000 for a duplex, $848,500 for a triplex and $1,054,500 for a fourplex.

Get multifamily loan quotes for Oct 15, 2021


Multifamily Loan Rates in Grand Island, NE

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Grand Island 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 2.92% - 3.17%
7 Year Fixed 3.25% - 3.70%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 10/14/2021. This is not an offer or commitment to lend. Multifamily loan rates in Grand Island 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 Oct 15, 2021


Multifamily Lenders in Grand Island, NE

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


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 Oct 15, 2021


Grand Island Market

The city of Grand Island in Hall County has a population of 51,267. The median rent in Hall County for a 2 bedroom is $830. The median Grand Island resident is 35 years old with a yearly income of $30,586. The average family has 3.18 members and a median household income of $54,965. Grand Island has a 21% higher education rate. The unemployment rate in Grand Island is 4.2%.


Population
51,267 people

County
Hall County

Renters

41.2% of Grand Island households are renters.


Rent Burden

25.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Hall County 1
Nebraska 2
National 2
Studio $599 $526 $737
1 bedroom $657 $616 $813
2 bedroom $830 $786 $1,015
3 bedroom $1,123 $1,024 $1,325
4 bedroom $1,126 $1,140 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Grand Island Demographics


Median Individual Income
$30,586 / year

Median Household Income
$54,965 / year

Families w/ Dual Incomes
59%

Unemployment Rate
4.2%
Household Income Distribution
Grand Island, NE

Median Age
35 years

Avg Family Size
3.18 people
Age Distribution
Grand Island, NE

College Education or Above
21%

STEM College Graduates
34%
Education Distribution
Grand Island, NE
Source: U.S. Census Bureau

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