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Multifamily Loans in
Prior Lake, MN

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Prior Lake, MN

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

All major multifamily lender types are lending in Prior Lake.


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


Prior Lake Market

The city of Prior Lake in Scott County has a population of 27,241. The median rent in Scott County for a 2 bedroom is $1,410. The median Prior Lake resident is 40 years old with a yearly income of $48,923. The average family has 3.23 members and a median household income of $109,604. Prior Lake has a 46% higher education rate. The unemployment rate in Prior Lake is 2.8%.


Population
27,241 people

County
Scott County

Renters

16.2% of Prior Lake households are renters.


Rent Burden

35.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Scott 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

Prior Lake Demographics


Median Individual Income
$48,923 / year

Median Household Income
$109,604 / year

Families w/ Dual Incomes
68%

Unemployment Rate
2.8%
Household Income Distribution
Prior Lake, MN

Median Age
40 years

Avg Family Size
3.23 people
Age Distribution
Prior Lake, MN

College Education or Above
46%

STEM College Graduates
44%
Education Distribution
Prior Lake, MN
Source: U.S. Census Bureau

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