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.
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 | 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 Island.
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%.
41.2% of Grand Island households are renters.
25.8% median household income spent on rent.
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 |
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