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Multifamily Loans in
Marion, IA

Overview

Marion is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Marion are considered greater risk due to market dynamics. Interest rates for multifamily loans in Marion are higher than the national average. Marion 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 Marion.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Marion, IA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Marion 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 3.27% - 3.52%
7 Year Fixed 3.44% - 3.89%
10 Year Fixed 3.42% - 3.82%
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 Marion 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 Marion, IA

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


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


Marion Market

The city of Marion in Linn County has a population of 40,359. The median rent in Linn County for a 2 bedroom is $839. The median Marion resident is 39 years old with a yearly income of $37,818. The average family has 3.02 members and a median household income of $72,150. Marion has a 37% higher education rate. The unemployment rate in Marion is 3.6%.


Population
40,359 people

County
Linn County

Renters

22.2% of Marion households are renters.


Rent Burden

25.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Linn County 1
Iowa 2
National 2
Studio $554 $558 $737
1 bedroom $637 $613 $813
2 bedroom $839 $785 $1,015
3 bedroom $1,199 $1,038 $1,325
4 bedroom $1,344 $1,151 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Marion Demographics


Median Individual Income
$37,818 / year

Median Household Income
$72,150 / year

Families w/ Dual Incomes
61%

Unemployment Rate
3.6%
Household Income Distribution
Marion, IA

Median Age
39 years

Avg Family Size
3.02 people
Age Distribution
Marion, IA

College Education or Above
37%

STEM College Graduates
46%
Education Distribution
Marion, IA
Source: U.S. Census Bureau

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