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Multifamily Loans in
West Lafayette, IN

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in West Lafayette, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Lafayette 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 West Lafayette 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 West Lafayette, IN

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


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


West Lafayette Market

The city of West Lafayette in Tippecanoe County has a population of 50,996. The median rent in Tippecanoe County for a 2 bedroom is $923. The median West Lafayette resident is 22 years old with a yearly income of $9,548. The average family has 3.14 members and a median household income of $34,650. West Lafayette has a 72% higher education rate. The unemployment rate in West Lafayette is 3.8%.


Population
50,996 people

County
Tippecanoe County

Renters

64.8% of West Lafayette households are renters.


Rent Burden

52.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Tippecanoe County 1
Indiana 2
National 2
Studio $691 $593 $737
1 bedroom $797 $666 $813
2 bedroom $923 $840 $1,015
3 bedroom $1,224 $1,099 $1,325
4 bedroom $1,537 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Lafayette Demographics


Median Individual Income
$9,548 / year

Median Household Income
$34,650 / year

Families w/ Dual Incomes
57%

Unemployment Rate
3.8%
Household Income Distribution
West Lafayette, IN

Median Age
22 years

Avg Family Size
3.14 people
Age Distribution
West Lafayette, IN

College Education or Above
72%

STEM College Graduates
64%
Education Distribution
West Lafayette, IN
Source: U.S. Census Bureau

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