Mansfield is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Mansfield are considered greater risk due to market dynamics. Interest rates for multifamily loans in Mansfield are higher than the national average. Mansfield 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 Mansfield.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mansfield 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 Mansfield.
The city of Mansfield in Richland County has a population of 46,599. The median rent in Richland County for a 2 bedroom is $745. The median Mansfield resident is 38 years old with a yearly income of $17,470. The average family has 2.96 members and a median household income of $37,683. Mansfield has a 16% higher education rate. The unemployment rate in Mansfield is 8.5%.
49.8% of Mansfield households are renters.
28.9% median household income spent on rent.
Bedrooms |
Richland County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $503 | $597 | $737 |
| 1 bedroom | $565 | $662 | $813 |
| 2 bedroom | $745 | $834 | $1,015 |
| 3 bedroom | $997 | $1,084 | $1,325 |
| 4 bedroom | $1,176 | $1,205 | $1,521 |
We're here to help.