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Multifamily Loans in
Sterling Heights, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Sterling Heights, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sterling Heights 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 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Sterling Heights 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 05, 2021


Multifamily Lenders in Sterling Heights, MI

All major multifamily lender types are lending in Sterling Heights.


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 05, 2021


Sterling Heights Market

The city of Sterling Heights in Macomb County has a population of 132,438. The median rent in Macomb County for a 2 bedroom is $1,126. The median Sterling Heights resident is 41 years old with a yearly income of $30,757. The average family has 3.22 members and a median household income of $64,833. Sterling Heights has a 28% higher education rate. The unemployment rate in Sterling Heights is 4.1%.


Population
132,438 people

County
Macomb County

Renters

27% of Sterling Heights households are renters.


Rent Burden

28.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Macomb County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Sterling Heights Demographics


Median Individual Income
$30,757 / year

Median Household Income
$64,833 / year

Families w/ Dual Incomes
54%

Unemployment Rate
4.1%
Household Income Distribution
Sterling Heights, MI

Median Age
41 years

Avg Family Size
3.22 people
Age Distribution
Sterling Heights, MI

College Education or Above
28%

STEM College Graduates
48%
Education Distribution
Sterling Heights, MI
Source: U.S. Census Bureau

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