Lafayette is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Lafayette are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Lafayette are slightly higher than the national average. Lafayette apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Lafayette.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lafayette 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.13% - 5.37% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lafayette.
The city of Lafayette in Tippecanoe County has a population of 71,721. The median rent in Tippecanoe County for a 2 bedroom is $923. The median Lafayette resident is 33 years old with a yearly income of $27,025. The average family has 3.04 members and a median household income of $46,374. Lafayette has a 26% higher education rate. The unemployment rate in Lafayette is 5.2%.
51.4% of Lafayette households are renters.
29.3% median household income spent on rent.
Bedrooms |
Tippecanoe County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $691 | $593 | $737 |
| 1 bedroom | $797 | $666 | $813 |
| 2 bedroom | $923 | $840 | $1,015 |
| 3 bedroom | $1,224 | $1,099 | $1,325 |
| 4 bedroom | $1,537 | $1,251 | $1,521 |
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