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Multifamily Loans in
Grand Rapids, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Grand Rapids, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Grand Rapids 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 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Grand Rapids 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 05, 2021


Multifamily Lenders in Grand Rapids, MI

All major multifamily lender types are lending in Grand Rapids.


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 Dec 05, 2021


Grand Rapids Market

The city of Grand Rapids in Kent County has a population of 201,013. The median rent in Kent County for a 2 bedroom is $1,059. The median Grand Rapids resident is 31 years old with a yearly income of $25,616. The average family has 3.25 members and a median household income of $50,103. Grand Rapids has a 36% higher education rate. The unemployment rate in Grand Rapids is 6.3%.


Population
201,013 people

County
Kent County

Renters

44.6% of Grand Rapids households are renters.


Rent Burden

33.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kent County 1
Michigan 2
National 2
Studio $787 $607 $737
1 bedroom $870 $678 $813
2 bedroom $1,059 $855 $1,015
3 bedroom $1,395 $1,118 $1,325
4 bedroom $1,599 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Grand Rapids Demographics


Median Individual Income
$25,616 / year

Median Household Income
$50,103 / year

Families w/ Dual Incomes
58%

Unemployment Rate
6.3%
Household Income Distribution
Grand Rapids, MI

Median Age
31 years

Avg Family Size
3.25 people
Age Distribution
Grand Rapids, MI

College Education or Above
36%

STEM College Graduates
39%
Education Distribution
Grand Rapids, MI
Source: U.S. Census Bureau

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