Loading...

Multifamily Loans in
Lima, OH

Overview

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.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Lima, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lima 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 $6M
5 Year Fixed 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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®
$6M to $100M
5 Year Fixed 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
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 Lima 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 Lima, OH

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lima.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 08, 2021


Lima Market

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%.


Population
36,659 people

County
Allen County

Renters

52.7% of Lima households are renters.


Rent Burden

30.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Lima Demographics


Median Individual Income
$21,116 / year

Median Household Income
$35,799 / year

Families w/ Dual Incomes
39%

Unemployment Rate
7.9%
Household Income Distribution
Lima, OH

Median Age
33 years

Avg Family Size
3.08 people
Age Distribution
Lima, OH

College Education or Above
12%

STEM College Graduates
37%
Education Distribution
Lima, OH
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day