Lima is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Lima are considered greater risk due to market dynamics. Interest rates for multifamily loans in Lima are higher than the national average. Lima 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 Lima.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lima are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.38% - 6.62% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lima.
The city of Lima in Allen County has a population of 36,659. The median rent in Allen County for a 2 bedroom is $797. The median Lima resident is 33 years old with a yearly income of $21,116. The average family has 3.08 members and a median household income of $35,799. Lima has a 12% higher education rate. The unemployment rate in Lima is 7.9%.
52.7% of Lima households are renters.
30.5% median household income spent on rent.
Bedrooms |
Allen County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $574 | $597 | $737 |
| 1 bedroom | $657 | $662 | $813 |
| 2 bedroom | $797 | $834 | $1,015 |
| 3 bedroom | $1,052 | $1,084 | $1,325 |
| 4 bedroom | $1,144 | $1,205 | $1,521 |
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