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Multifamily Loans in
Lincoln Park, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Lincoln Park, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lincoln Park 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 Lincoln Park 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 Lincoln Park, MI

All major multifamily lender types are lending in Lincoln Park.


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


Lincoln Park Market

The city of Lincoln Park in Wayne County has a population of 36,321. The median rent in Wayne County for a 2 bedroom is $1,126. The median Lincoln Park resident is 36 years old with a yearly income of $25,828. The average family has 3.32 members and a median household income of $44,554. Lincoln Park has a 9% higher education rate. The unemployment rate in Lincoln Park is 6.7%.


Population
36,321 people

County
Wayne County

Renters

30.5% of Lincoln Park households are renters.


Rent Burden

38.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Lincoln Park Demographics


Median Individual Income
$25,828 / year

Median Household Income
$44,554 / year

Families w/ Dual Incomes
46%

Unemployment Rate
6.7%
Household Income Distribution
Lincoln Park, MI

Median Age
36 years

Avg Family Size
3.32 people
Age Distribution
Lincoln Park, MI

College Education or Above
9%

STEM College Graduates
32%
Education Distribution
Lincoln Park, MI
Source: U.S. Census Bureau

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