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Multifamily Loans in
Novi, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Novi, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Novi 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 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
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 Novi 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 Novi, MI

All major multifamily lender types are lending in Novi.


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 05, 2021


Novi Market

The city of Novi in Oakland County has a population of 60,896. The median rent in Oakland County for a 2 bedroom is $1,126. The median Novi resident is 39 years old with a yearly income of $50,544. The average family has 3.2 members and a median household income of $98,020. Novi has a 61% higher education rate. The unemployment rate in Novi is 2.8%.


Population
60,896 people

County
Oakland County

Renters

33.3% of Novi households are renters.


Rent Burden

23.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Oakland County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Novi Demographics


Median Individual Income
$50,544 / year

Median Household Income
$98,020 / year

Families w/ Dual Incomes
58%

Unemployment Rate
2.8%
Household Income Distribution
Novi, MI

Median Age
39 years

Avg Family Size
3.2 people
Age Distribution
Novi, MI

College Education or Above
61%

STEM College Graduates
54%
Education Distribution
Novi, MI
Source: U.S. Census Bureau

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