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Multifamily Loans in
Lakewood, OH

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Lakewood, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lakewood 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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
10 Year Fixed 3.28% - 3.68%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Lakewood 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 08, 2021


Multifamily Lenders in Lakewood, OH

All major multifamily lender types are lending in Lakewood.


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 08, 2021


Lakewood Market

The city of Lakewood in Cuyahoga County has a population of 49,678. The median rent in Cuyahoga County for a 2 bedroom is $925. The median Lakewood resident is 35 years old with a yearly income of $35,184. The average family has 2.96 members and a median household income of $53,290. Lakewood has a 47% higher education rate. The unemployment rate in Lakewood is 4.6%.


Population
49,678 people

County
Cuyahoga County

Renters

56.9% of Lakewood households are renters.


Rent Burden

24.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cuyahoga County 1
Ohio 2
National 2
Studio $640 $597 $737
1 bedroom $754 $662 $813
2 bedroom $925 $834 $1,015
3 bedroom $1,216 $1,084 $1,325
4 bedroom $1,271 $1,205 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Lakewood Demographics


Median Individual Income
$35,184 / year

Median Household Income
$53,290 / year

Families w/ Dual Incomes
60%

Unemployment Rate
4.6%
Household Income Distribution
Lakewood, OH

Median Age
35 years

Avg Family Size
2.96 people
Age Distribution
Lakewood, OH

College Education or Above
47%

STEM College Graduates
40%
Education Distribution
Lakewood, OH
Source: U.S. Census Bureau

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