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Multifamily Loans in
Grand Island, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Grand Island, NY

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 $7.5M
5 Year Fixed 3.42% - 3.66%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.52% - 3.76%
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 3.06% - 3.31%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.28% - 3.68%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. 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 Nov 29, 2021


Multifamily Lenders in Grand Island, NY

All major multifamily lender types are lending in Grand Island.


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 29, 2021


Grand Island Market

The city of Grand Island in Erie County has a population of 21,047. The median rent in Erie County for a 2 bedroom is $982. The median Grand Island resident is 44 years old with a yearly income of $41,207. The average family has 3.03 members and a median household income of $80,733. Grand Island has a 39% higher education rate. The unemployment rate in Grand Island is 4.6%.


Population
21,047 people

County
Erie County

Renters

18.8% of Grand Island households are renters.


Rent Burden

25.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Erie County 1
New York 2
National 2
Studio $794 $909 $737
1 bedroom $824 $990 $813
2 bedroom $982 $1,202 $1,015
3 bedroom $1,221 $1,537 $1,325
4 bedroom $1,370 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Grand Island Demographics


Median Individual Income
$41,207 / year

Median Household Income
$80,733 / year

Families w/ Dual Incomes
60%

Unemployment Rate
4.6%
Household Income Distribution
Grand Island, NY

Median Age
44 years

Avg Family Size
3.03 people
Age Distribution
Grand Island, NY

College Education or Above
39%

STEM College Graduates
40%
Education Distribution
Grand Island, NY
Source: U.S. Census Bureau

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