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Multifamily Loans in
Royal Oak, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Royal Oak, MI

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

All major multifamily lender types are lending in Royal Oak.


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


Royal Oak Market

The city of Royal Oak in Oakland County has a population of 59,277. The median rent in Oakland County for a 2 bedroom is $1,126. The median Royal Oak resident is 36 years old with a yearly income of $47,309. The average family has 2.85 members and a median household income of $81,665. Royal Oak has a 58% higher education rate. The unemployment rate in Royal Oak is 3.2%.


Population
59,277 people

County
Oakland County

Renters

32.6% of Royal Oak households are renters.


Rent Burden

21.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Oakland 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

Royal Oak Demographics


Median Individual Income
$47,309 / year

Median Household Income
$81,665 / year

Families w/ Dual Incomes
64%

Unemployment Rate
3.2%
Household Income Distribution
Royal Oak, MI

Median Age
36 years

Avg Family Size
2.85 people
Age Distribution
Royal Oak, MI

College Education or Above
58%

STEM College Graduates
45%
Education Distribution
Royal Oak, MI
Source: U.S. Census Bureau

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