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Multifamily Loans in
Parma, OH

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Parma, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Parma 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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
10 Year Fixed 3.28% - 3.68%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Parma 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 08, 2021


Multifamily Lenders in Parma, OH

All major multifamily lender types are lending in Parma.


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 08, 2021


Parma Market

The city of Parma in Cuyahoga County has a population of 78,103. The median rent in Cuyahoga County for a 2 bedroom is $925. The median Parma resident is 42 years old with a yearly income of $30,974. The average family has 2.94 members and a median household income of $57,120. Parma has a 22% higher education rate. The unemployment rate in Parma is 5.6%.


Population
78,103 people

County
Cuyahoga County

Renters

28.3% of Parma households are renters.


Rent Burden

26.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cuyahoga 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

Parma Demographics


Median Individual Income
$30,974 / year

Median Household Income
$57,120 / year

Families w/ Dual Incomes
55%

Unemployment Rate
5.6%
Household Income Distribution
Parma, OH

Median Age
42 years

Avg Family Size
2.94 people
Age Distribution
Parma, OH

College Education or Above
22%

STEM College Graduates
42%
Education Distribution
Parma, OH
Source: U.S. Census Bureau

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