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Multifamily Loans in
Mankato, MN

Overview

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.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Mankato, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mankato 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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Mankato 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 04, 2021


Multifamily Lenders in Mankato, MN

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


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 04, 2021


Mankato Market

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%.


Population
42,931 people

County
Blue Earth County

Renters

49.9% of Mankato households are renters.


Rent Burden

31.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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

Mankato Demographics


Median Individual Income
$21,463 / year

Median Household Income
$47,924 / year

Families w/ Dual Incomes
58%

Unemployment Rate
4.2%
Household Income Distribution
Mankato, MN

Median Age
26 years

Avg Family Size
2.85 people
Age Distribution
Mankato, MN

College Education or Above
39%

STEM College Graduates
41%
Education Distribution
Mankato, MN
Source: U.S. Census Bureau

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