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Multifamily Loans in
Owatonna, MN

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Owatonna, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Owatonna 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 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Owatonna 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 Owatonna, MN

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


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 04, 2021


Owatonna Market

The city of Owatonna in Steele County has a population of 25,704. The median rent in Steele County for a 2 bedroom is $810. The median Owatonna resident is 39 years old with a yearly income of $35,060. The average family has 3.04 members and a median household income of $62,642. Owatonna has a 29% higher education rate. The unemployment rate in Owatonna is 3.8%.


Population
25,704 people

County
Steele County

Renters

28.8% of Owatonna households are renters.


Rent Burden

26.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Steele County 1
Minnesota 2
National 2
Studio $534 $607 $737
1 bedroom $620 $694 $813
2 bedroom $810 $881 $1,015
3 bedroom $1,159 $1,200 $1,325
4 bedroom $1,402 $1,366 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Owatonna Demographics


Median Individual Income
$35,060 / year

Median Household Income
$62,642 / year

Families w/ Dual Incomes
63%

Unemployment Rate
3.8%
Household Income Distribution
Owatonna, MN

Median Age
39 years

Avg Family Size
3.04 people
Age Distribution
Owatonna, MN

College Education or Above
29%

STEM College Graduates
33%
Education Distribution
Owatonna, MN
Source: U.S. Census Bureau

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