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Multifamily Loans in
Mishawaka, IN

Overview

Mishawaka is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Mishawaka are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Mishawaka are slightly higher than the national average. Mishawaka apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Mishawaka.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Mishawaka, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mishawaka 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Mishawaka 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 02, 2021


Multifamily Lenders in Mishawaka, IN

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


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 02, 2021


Mishawaka Market

The city of Mishawaka in St. Joseph County has a population of 50,363. The median rent in St. Joseph County for a 2 bedroom is $905. The median Mishawaka resident is 35 years old with a yearly income of $26,194. The average family has 3.06 members and a median household income of $43,248. Mishawaka has a 25% higher education rate. The unemployment rate in Mishawaka is 5.4%.


Population
50,363 people

County
St. Joseph County

Renters

49% of Mishawaka households are renters.


Rent Burden

29.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
St. Joseph County 1
Indiana 2
National 2
Studio $655 $593 $737
1 bedroom $751 $666 $813
2 bedroom $905 $840 $1,015
3 bedroom $1,170 $1,099 $1,325
4 bedroom $1,227 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Mishawaka Demographics


Median Individual Income
$26,194 / year

Median Household Income
$43,248 / year

Families w/ Dual Incomes
50%

Unemployment Rate
5.4%
Household Income Distribution
Mishawaka, IN

Median Age
35 years

Avg Family Size
3.06 people
Age Distribution
Mishawaka, IN

College Education or Above
25%

STEM College Graduates
41%
Education Distribution
Mishawaka, IN
Source: U.S. Census Bureau

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