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Multifamily Loans in
Hastings, MN

Overview

Hastings is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Hastings are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Hastings are some of the lowest nationally. Hastings 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 Hastings.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Hastings, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hastings 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 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
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 2.98% - 3.23%
7 Year Fixed 3.14% - 3.59%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Hastings 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 04, 2021


Multifamily Lenders in Hastings, MN

All major multifamily lender types are lending in Hastings.


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 04, 2021


Hastings Market

The city of Hastings in Dakota County has a population of 22,886. The median rent in Dakota County for a 2 bedroom is $1,410. The median Hastings resident is 40 years old with a yearly income of $36,128. The average family has 3.03 members and a median household income of $71,264. Hastings has a 28% higher education rate. The unemployment rate in Hastings is 2.5%.


Population
22,886 people

County
Dakota County

Renters

30.9% of Hastings households are renters.


Rent Burden

26.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Dakota County 1
Minnesota 2
National 2
Studio $968 $607 $737
1 bedroom $1,136 $694 $813
2 bedroom $1,410 $881 $1,015
3 bedroom $1,982 $1,200 $1,325
4 bedroom $2,324 $1,366 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Hastings Demographics


Median Individual Income
$36,128 / year

Median Household Income
$71,264 / year

Families w/ Dual Incomes
60%

Unemployment Rate
2.5%
Household Income Distribution
Hastings, MN

Median Age
40 years

Avg Family Size
3.03 people
Age Distribution
Hastings, MN

College Education or Above
28%

STEM College Graduates
40%
Education Distribution
Hastings, MN
Source: U.S. Census Bureau

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