Grand Island is located in a good market for 5+ unit multifamily loans. Multifamily loans in Grand Island are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Grand Island are competitive. Grand Island 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 Grand Island.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Grand Island 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Grand Island.
The city of Grand Island in Erie County has a population of 21,047. The median rent in Erie County for a 2 bedroom is $982. The median Grand Island resident is 44 years old with a yearly income of $41,207. The average family has 3.03 members and a median household income of $80,733. Grand Island has a 39% higher education rate. The unemployment rate in Grand Island is 4.6%.
18.8% of Grand Island households are renters.
25.6% median household income spent on rent.
Bedrooms |
Erie County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $794 | $909 | $737 |
| 1 bedroom | $824 | $990 | $813 |
| 2 bedroom | $982 | $1,202 | $1,015 |
| 3 bedroom | $1,221 | $1,537 | $1,325 |
| 4 bedroom | $1,370 | $1,692 | $1,521 |
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