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Multifamily Loans in
Mentor, OH

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Mentor, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mentor 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 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Mentor 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 Nov 26, 2021


Multifamily Lenders in Mentor, OH

All major multifamily lender types are lending in Mentor.


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 Nov 26, 2021


Mentor Market

The city of Mentor in Lake County has a population of 47,262. The median rent in Lake County for a 2 bedroom is $925. The median Mentor resident is 48 years old with a yearly income of $36,947. The average family has 2.91 members and a median household income of $72,615. Mentor has a 31% higher education rate. The unemployment rate in Mentor is 3.4%.


Population
47,262 people

County
Lake County

Renters

14.8% of Mentor households are renters.


Rent Burden

26.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lake 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

Mentor Demographics


Median Individual Income
$36,947 / year

Median Household Income
$72,615 / year

Families w/ Dual Incomes
57%

Unemployment Rate
3.4%
Household Income Distribution
Mentor, OH

Median Age
48 years

Avg Family Size
2.91 people
Age Distribution
Mentor, OH

College Education or Above
31%

STEM College Graduates
39%
Education Distribution
Mentor, OH
Source: U.S. Census Bureau

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