Loading...

Multifamily Loans in
Romulus, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Romulus, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Romulus 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 Romulus 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 Romulus, MI

All major multifamily lender types are lending in Romulus.


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


Romulus Market

The city of Romulus in Wayne County has a population of 23,573. The median rent in Wayne County for a 2 bedroom is $1,126. The median Romulus resident is 36 years old with a yearly income of $28,300. The average family has 3.36 members and a median household income of $51,504. Romulus has a 17% higher education rate. The unemployment rate in Romulus is 10.6%.


Population
23,573 people

County
Wayne County

Renters

35.6% of Romulus households are renters.


Rent Burden

30.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne 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

Romulus Demographics


Median Individual Income
$28,300 / year

Median Household Income
$51,504 / year

Families w/ Dual Incomes
47%

Unemployment Rate
10.6%
Household Income Distribution
Romulus, MI

Median Age
36 years

Avg Family Size
3.36 people
Age Distribution
Romulus, MI

College Education or Above
17%

STEM College Graduates
40%
Education Distribution
Romulus, MI
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day