Billings is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Billings are considered greater risk due to market dynamics. Interest rates for multifamily loans in Billings are higher than the national average. Billings 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 Billings.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Billings 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 | 5.28% - 5.52% |
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 Billings.
The city of Billings in Yellowstone County has a population of 109,577. The median rent in Yellowstone County for a 2 bedroom is $1,019. The median Billings resident is 37 years old with a yearly income of $31,991. The average family has 2.91 members and a median household income of $59,656. Billings has a 35% higher education rate. The unemployment rate in Billings is 3.3%.
37% of Billings households are renters.
28.4% median household income spent on rent.
Bedrooms |
Yellowstone County 1 |
Montana 2 |
National 2 |
|---|---|---|---|
| Studio | $672 | $620 | $737 |
| 1 bedroom | $773 | $690 | $813 |
| 2 bedroom | $1,019 | $877 | $1,015 |
| 3 bedroom | $1,408 | $1,169 | $1,325 |
| 4 bedroom | $1,674 | $1,370 | $1,521 |
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