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Multifamily Loans in
New Hope, MN

Overview

New Hope is located in a strong market for 5+ unit multifamily loans. Multifamily loans in New Hope are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in New Hope are some of the lowest nationally. New Hope 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 New Hope.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in New Hope, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Hope 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 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
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 2.98% - 3.23%
7 Year Fixed 3.14% - 3.59%
10 Year Fixed 3.20% - 3.60%
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 New Hope 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 New Hope, MN

All major multifamily lender types are lending in New Hope.


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 Dec 04, 2021


New Hope Market

The city of New Hope in Hennepin County has a population of 20,907. The median rent in Hennepin County for a 2 bedroom is $1,410. The median New Hope resident is 39 years old with a yearly income of $32,043. The average family has 3.06 members and a median household income of $60,675. New Hope has a 32% higher education rate. The unemployment rate in New Hope is 3.7%.


Population
20,907 people

County
Hennepin County

Renters

44.1% of New Hope households are renters.


Rent Burden

34.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Hennepin County 1
Minnesota 2
National 2
Studio $968 $607 $737
1 bedroom $1,136 $694 $813
2 bedroom $1,410 $881 $1,015
3 bedroom $1,982 $1,200 $1,325
4 bedroom $2,324 $1,366 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New Hope Demographics


Median Individual Income
$32,043 / year

Median Household Income
$60,675 / year

Families w/ Dual Incomes
59%

Unemployment Rate
3.7%
Household Income Distribution
New Hope, MN

Median Age
39 years

Avg Family Size
3.06 people
Age Distribution
New Hope, MN

College Education or Above
32%

STEM College Graduates
43%
Education Distribution
New Hope, MN
Source: U.S. Census Bureau

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