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Multifamily Loans in
Sioux Falls, SD

Overview

Sioux Falls is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Sioux Falls are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Sioux Falls are slightly higher than the national average. Sioux Falls apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Sioux Falls.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Sioux Falls, SD

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sioux Falls 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 $6M
5 Year Fixed 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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®
$6M to $100M
5 Year Fixed 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
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 Sioux Falls 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 Sioux Falls, SD

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Sioux Falls.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 04, 2021


Sioux Falls Market

The city of Sioux Falls in Minnehaha County has a population of 183,793. The median rent in Minnehaha County for a 2 bedroom is $923. The median Sioux Falls resident is 34 years old with a yearly income of $33,500. The average family has 3.01 members and a median household income of $59,912. Sioux Falls has a 35% higher education rate. The unemployment rate in Sioux Falls is 3.0%.


Population
183,793 people

County
Minnehaha County

Renters

39.4% of Sioux Falls households are renters.


Rent Burden

27.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Minnehaha County 1
South Dakota 2
National 2
Studio $677 $539 $737
1 bedroom $754 $599 $813
2 bedroom $923 $770 $1,015
3 bedroom $1,214 $1,019 $1,325
4 bedroom $1,515 $1,196 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Sioux Falls Demographics


Median Individual Income
$33,500 / year

Median Household Income
$59,912 / year

Families w/ Dual Incomes
63%

Unemployment Rate
3.0%
Household Income Distribution
Sioux Falls, SD

Median Age
34 years

Avg Family Size
3.01 people
Age Distribution
Sioux Falls, SD

College Education or Above
35%

STEM College Graduates
42%
Education Distribution
Sioux Falls, SD
Source: U.S. Census Bureau

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