St. Cloud is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in St. Cloud are considered greater risk due to market dynamics. Interest rates for multifamily loans in St. Cloud are higher than the national average. St. Cloud apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in St. Cloud.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in St. Cloud are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in St. Cloud.
The city of St. Cloud in Stearns County has a population of 68,462. The median rent in Stearns County for a 2 bedroom is $871. The median St. Cloud resident is 31 years old with a yearly income of $25,033. The average family has 3.01 members and a median household income of $49,135. St. Cloud has a 31% higher education rate. The unemployment rate in St. Cloud is 7.2%.
50% of St. Cloud households are renters.
28.8% median household income spent on rent.
Bedrooms |
Stearns County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $673 | $607 | $737 |
| 1 bedroom | $712 | $694 | $813 |
| 2 bedroom | $871 | $881 | $1,015 |
| 3 bedroom | $1,231 | $1,200 | $1,325 |
| 4 bedroom | $1,440 | $1,366 | $1,521 |
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