Mount Pleasant is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Mount Pleasant are considered greater risk due to market dynamics. Interest rates for multifamily loans in Mount Pleasant are higher than the national average. Mount Pleasant 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 Mount Pleasant.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mount Pleasant 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 Mount Pleasant.
The city of Mount Pleasant in Isabella County has a population of 24,797. The median rent in Isabella County for a 2 bedroom is $830. The median Mount Pleasant resident is 23 years old with a yearly income of $11,519. The average family has 2.91 members and a median household income of $37,714. Mount Pleasant has a 45% higher education rate. The unemployment rate in Mount Pleasant is 8.8%.
58.8% of Mount Pleasant households are renters.
37.5% median household income spent on rent.
Bedrooms |
Isabella County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $624 | $607 | $737 |
| 1 bedroom | $688 | $678 | $813 |
| 2 bedroom | $830 | $855 | $1,015 |
| 3 bedroom | $1,105 | $1,118 | $1,325 |
| 4 bedroom | $1,148 | $1,238 | $1,521 |
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