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Multifamily Loans in
South Bend, IN

Overview

South Bend is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in South Bend are considered moderate risk due to market dynamics. Interest rates for multifamily loans in South Bend are slightly higher than the national average. South Bend 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 South Bend.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in South Bend, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in South Bend 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 3.10% - 3.35%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in South Bend 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 02, 2021


Multifamily Lenders in South Bend, IN

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


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 02, 2021


South Bend Market

The city of South Bend in St. Joseph County has a population of 102,026. The median rent in St. Joseph County for a 2 bedroom is $905. The median South Bend resident is 33 years old with a yearly income of $23,996. The average family has 3.39 members and a median household income of $40,265. South Bend has a 26% higher education rate. The unemployment rate in South Bend is 6.3%.


Population
102,026 people

County
St. Joseph County

Renters

42.8% of South Bend households are renters.


Rent Burden

35.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
St. Joseph County 1
Indiana 2
National 2
Studio $655 $593 $737
1 bedroom $751 $666 $813
2 bedroom $905 $840 $1,015
3 bedroom $1,170 $1,099 $1,325
4 bedroom $1,227 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

South Bend Demographics


Median Individual Income
$23,996 / year

Median Household Income
$40,265 / year

Families w/ Dual Incomes
50%

Unemployment Rate
6.3%
Household Income Distribution
South Bend, IN

Median Age
33 years

Avg Family Size
3.39 people
Age Distribution
South Bend, IN

College Education or Above
26%

STEM College Graduates
41%
Education Distribution
South Bend, IN
Source: U.S. Census Bureau

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