Mankato is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Mankato are considered greater risk due to market dynamics. Interest rates for multifamily loans in Mankato are higher than the national average. Mankato 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 Mankato.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mankato 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 Mankato.
The city of Mankato in Blue Earth County has a population of 42,931. The median rent in Blue Earth County for a 2 bedroom is $1,010. The median Mankato resident is 26 years old with a yearly income of $21,463. The average family has 2.85 members and a median household income of $47,924. Mankato has a 39% higher education rate. The unemployment rate in Mankato is 4.2%.
49.9% of Mankato households are renters.
31.3% median household income spent on rent.
Bedrooms |
Blue Earth County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $679 | $607 | $737 |
| 1 bedroom | $769 | $694 | $813 |
| 2 bedroom | $1,010 | $881 | $1,015 |
| 3 bedroom | $1,414 | $1,200 | $1,325 |
| 4 bedroom | $1,749 | $1,366 | $1,521 |
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