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Multifamily Loans in
Solon, OH

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Solon, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Solon 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 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Solon 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 Nov 26, 2021


Multifamily Lenders in Solon, OH

All major multifamily lender types are lending in Solon.


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 Nov 26, 2021


Solon Market

The city of Solon in Cuyahoga County has a population of 22,779. The median rent in Cuyahoga County for a 2 bedroom is $925. The median Solon resident is 45 years old with a yearly income of $47,216. The average family has 3.09 members and a median household income of $107,286. Solon has a 61% higher education rate. The unemployment rate in Solon is 2.9%.


Population
22,779 people

County
Cuyahoga County

Renters

17.3% of Solon households are renters.


Rent Burden

32.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cuyahoga County 1
Ohio 2
National 2
Studio $640 $597 $737
1 bedroom $754 $662 $813
2 bedroom $925 $834 $1,015
3 bedroom $1,216 $1,084 $1,325
4 bedroom $1,271 $1,205 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Solon Demographics


Median Individual Income
$47,216 / year

Median Household Income
$107,286 / year

Families w/ Dual Incomes
63%

Unemployment Rate
2.9%
Household Income Distribution
Solon, OH

Median Age
45 years

Avg Family Size
3.09 people
Age Distribution
Solon, OH

College Education or Above
61%

STEM College Graduates
50%
Education Distribution
Solon, OH
Source: U.S. Census Bureau

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