Portage is located in a good market for 5+ unit multifamily loans. Multifamily loans in Portage are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Portage are competitive. Portage 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 Portage.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Portage are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.39% - 6.63% |
| 7 Year Fixed | 6.20% - 6.44% |
| 10 Year Fixed | 6.24% - 6.48% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.59% - 5.69% |
| 7 Year Fixed | 5.64% - 5.74% |
| 10 Year Fixed | 5.62% - 5.72% |
All major multifamily lender types are lending in Portage.
The city of Portage in Porter County has a population of 36,988. The median rent in Porter County for a 2 bedroom is $978. The median Portage resident is 38 years old with a yearly income of $28,259. The average family has 3.07 members and a median household income of $58,486. Portage has a 16% higher education rate. The unemployment rate in Portage is 5.0%.
31.9% of Portage households are renters.
35.3% median household income spent on rent.
Bedrooms |
Porter County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $645 | $593 | $737 |
| 1 bedroom | $794 | $666 | $813 |
| 2 bedroom | $978 | $840 | $1,015 |
| 3 bedroom | $1,216 | $1,099 | $1,325 |
| 4 bedroom | $1,378 | $1,251 | $1,521 |
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