Adrian is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Adrian are considered greater risk due to market dynamics. Interest rates for multifamily loans in Adrian are higher than the national average. Adrian 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 Adrian.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Adrian are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.23% - 5.47% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Adrian.
The city of Adrian in Lenawee County has a population of 20,600. The median rent in Lenawee County for a 2 bedroom is $850. The median Adrian resident is 35 years old with a yearly income of $20,098. The average family has 3.06 members and a median household income of $36,236. Adrian has a 18% higher education rate. The unemployment rate in Adrian is 4.2%.
45.8% of Adrian households are renters.
31.3% median household income spent on rent.
Bedrooms |
Lenawee County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $561 | $607 | $737 |
| 1 bedroom | $645 | $678 | $813 |
| 2 bedroom | $850 | $855 | $1,015 |
| 3 bedroom | $1,126 | $1,118 | $1,325 |
| 4 bedroom | $1,235 | $1,238 | $1,521 |
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