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Multifamily Loans in
Marquette, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Marquette, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Marquette 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 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Marquette 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 Marquette, MI

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


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 05, 2021


Marquette Market

The city of Marquette in Marquette County has a population of 20,995. The median rent in Marquette County for a 2 bedroom is $895. The median Marquette resident is 29 years old with a yearly income of $20,219. The average family has 2.75 members and a median household income of $43,977. Marquette has a 44% higher education rate. The unemployment rate in Marquette is 6.8%.


Population
20,995 people

County
Marquette County

Renters

51.6% of Marquette households are renters.


Rent Burden

34% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Marquette County 1
Michigan 2
National 2
Studio $591 $607 $737
1 bedroom $679 $678 $813
2 bedroom $895 $855 $1,015
3 bedroom $1,113 $1,118 $1,325
4 bedroom $1,493 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Marquette Demographics


Median Individual Income
$20,219 / year

Median Household Income
$43,977 / year

Families w/ Dual Incomes
53%

Unemployment Rate
6.8%
Household Income Distribution
Marquette, MI

Median Age
29 years

Avg Family Size
2.75 people
Age Distribution
Marquette, MI

College Education or Above
44%

STEM College Graduates
40%
Education Distribution
Marquette, MI
Source: U.S. Census Bureau

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