Grand Junction is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Grand Junction are considered greater risk due to market dynamics. Interest rates for multifamily loans in Grand Junction are higher than the national average. Grand Junction 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 Grand Junction.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Grand Junction 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 Grand Junction.
The city of Grand Junction in Mesa County has a population of 63,597. The median rent in Mesa County for a 2 bedroom is $1,088. The median Grand Junction resident is 37 years old with a yearly income of $27,401. The average family has 2.94 members and a median household income of $52,504. Grand Junction has a 35% higher education rate. The unemployment rate in Grand Junction is 6.9%.
41.9% of Grand Junction households are renters.
33.5% median household income spent on rent.
Bedrooms |
Mesa County 1 |
Colorado 2 |
National 2 |
|---|---|---|---|
| Studio | $720 | $873 | $737 |
| 1 bedroom | $826 | $932 | $813 |
| 2 bedroom | $1,088 | $1,168 | $1,015 |
| 3 bedroom | $1,557 | $1,570 | $1,325 |
| 4 bedroom | $1,884 | $1,825 | $1,521 |
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