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Multifamily Loans in
Lorain, OH

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Lorain, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lorain 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 Lorain 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 Lorain, OH

All major multifamily lender types are lending in Lorain.


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


Lorain Market

The city of Lorain in Lorain County has a population of 63,855. The median rent in Lorain County for a 2 bedroom is $925. The median Lorain resident is 37 years old with a yearly income of $22,530. The average family has 3.17 members and a median household income of $38,291. Lorain has a 13% higher education rate. The unemployment rate in Lorain is 8.7%.


Population
63,855 people

County
Lorain County

Renters

43.9% of Lorain households are renters.


Rent Burden

38.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lorain 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

Lorain Demographics


Median Individual Income
$22,530 / year

Median Household Income
$38,291 / year

Families w/ Dual Incomes
41%

Unemployment Rate
8.7%
Household Income Distribution
Lorain, OH

Median Age
37 years

Avg Family Size
3.17 people
Age Distribution
Lorain, OH

College Education or Above
13%

STEM College Graduates
42%
Education Distribution
Lorain, OH
Source: U.S. Census Bureau

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