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Multifamily Loans in
Westland, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Westland, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Westland 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 Westland 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 Westland, MI

All major multifamily lender types are lending in Westland.


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


Westland Market

The city of Westland in Wayne County has a population of 81,511. The median rent in Wayne County for a 2 bedroom is $1,126. The median Westland resident is 40 years old with a yearly income of $30,537. The average family has 3.13 members and a median household income of $50,710. Westland has a 22% higher education rate. The unemployment rate in Westland is 5.4%.


Population
81,511 people

County
Wayne County

Renters

40.1% of Westland households are renters.


Rent Burden

29.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne 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

Westland Demographics


Median Individual Income
$30,537 / year

Median Household Income
$50,710 / year

Families w/ Dual Incomes
52%

Unemployment Rate
5.4%
Household Income Distribution
Westland, MI

Median Age
40 years

Avg Family Size
3.13 people
Age Distribution
Westland, MI

College Education or Above
22%

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

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