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Multifamily Loans in
Oak Park, MI

Overview

Oak Park is located in a good market for 5+ unit multifamily loans. Multifamily loans in Oak Park are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Oak Park are competitive. Oak Park apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Oak Park.

Get multifamily loan quotes for Dec 26, 2024


Multifamily Loan Rates in Oak Park, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Oak Park 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 $7.5M
5 Year Fixed 5.49% - 5.73%
7 Year Fixed 5.25% - 5.49%
10 Year Fixed 5.19% - 5.43%
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®
$7.5M to $100M
5 Year Fixed 5.60% - 5.75%
7 Year Fixed 5.61% - 5.76%
10 Year Fixed 5.61% - 5.76%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/25/2024. This is not an offer or commitment to lend. Multifamily loan rates in Oak Park may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Dec 26, 2024


Multifamily Lenders in Oak Park, MI

All major multifamily lender types are lending in Oak Park.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 26, 2024


Oak Park Market

The city of Oak Park in Oakland County has a population of 29,431. The median rent in Oakland County for a 2 bedroom is $1,126. The median Oak Park resident is 38 years old with a yearly income of $27,036. The average family has 3.39 members and a median household income of $52,584. Oak Park has a 32% higher education rate. The unemployment rate in Oak Park is 5.6%.


Population
29,431 people

County
Oakland County

Renters

44.2% of Oak Park households are renters.


Rent Burden

33.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Oakland County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Oak Park Demographics


Median Individual Income
$27,036 / year

Median Household Income
$52,584 / year

Families w/ Dual Incomes
55%

Unemployment Rate
5.6%
Household Income Distribution
Oak Park, MI

Median Age
38 years

Avg Family Size
3.39 people
Age Distribution
Oak Park, MI

College Education or Above
32%

STEM College Graduates
43%
Education Distribution
Oak Park, MI
Source: U.S. Census Bureau

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