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Multifamily Loans in
Savage, MN

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Savage, MN

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

All major multifamily lender types are lending in Savage.


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


Savage Market

The city of Savage in Scott County has a population of 32,362. The median rent in Scott County for a 2 bedroom is $1,410. The median Savage resident is 36 years old with a yearly income of $46,792. The average family has 3.31 members and a median household income of $119,291. Savage has a 50% higher education rate. The unemployment rate in Savage is 2.9%.


Population
32,362 people

County
Scott County

Renters

16% of Savage households are renters.


Rent Burden

30.7% 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

Savage Demographics


Median Individual Income
$46,792 / year

Median Household Income
$119,291 / year

Families w/ Dual Incomes
75%

Unemployment Rate
2.9%
Household Income Distribution
Savage, MN

Median Age
36 years

Avg Family Size
3.31 people
Age Distribution
Savage, MN

College Education or Above
50%

STEM College Graduates
41%
Education Distribution
Savage, MN
Source: U.S. Census Bureau

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