Portage is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Portage are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Portage are slightly higher than the national average. Portage 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 Portage.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Portage 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 Portage.
The city of Portage in Kalamazoo County has a population of 49,445. The median rent in Kalamazoo County for a 2 bedroom is $941. The median Portage resident is 38 years old with a yearly income of $32,436. The average family has 3.07 members and a median household income of $62,941. Portage has a 46% higher education rate. The unemployment rate in Portage is 5.7%.
33.1% of Portage households are renters.
24.2% median household income spent on rent.
Bedrooms |
Kalamazoo County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $659 | $607 | $737 |
| 1 bedroom | $753 | $678 | $813 |
| 2 bedroom | $941 | $855 | $1,015 |
| 3 bedroom | $1,248 | $1,118 | $1,325 |
| 4 bedroom | $1,344 | $1,238 | $1,521 |
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