Mandan is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Mandan are considered greater risk due to market dynamics. Interest rates for multifamily loans in Mandan are higher than the national average. Mandan 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 Mandan.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mandan 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 Mandan.
The city of Mandan in Morton County has a population of 22,752. The median rent in Morton County for a 2 bedroom is $945. The median Mandan resident is 37 years old with a yearly income of $38,636. The average family has 2.75 members and a median household income of $69,014. Mandan has a 29% higher education rate. The unemployment rate in Mandan is 2.3%.
35.1% of Mandan households are renters.
22.9% median household income spent on rent.
Bedrooms |
Morton County 1 |
North Dakota 2 |
National 2 |
|---|---|---|---|
| Studio | $764 | $625 | $737 |
| 1 bedroom | $769 | $642 | $813 |
| 2 bedroom | $945 | $806 | $1,015 |
| 3 bedroom | $1,352 | $1,109 | $1,325 |
| 4 bedroom | $1,544 | $1,252 | $1,521 |
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