South Bend is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in South Bend are considered moderate risk due to market dynamics. Interest rates for multifamily loans in South Bend are slightly higher than the national average. South Bend 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 South Bend.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in South Bend 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 South Bend.
The city of South Bend in St. Joseph County has a population of 102,026. The median rent in St. Joseph County for a 2 bedroom is $905. The median South Bend resident is 33 years old with a yearly income of $23,996. The average family has 3.39 members and a median household income of $40,265. South Bend has a 26% higher education rate. The unemployment rate in South Bend is 6.3%.
42.8% of South Bend households are renters.
35.8% median household income spent on rent.
Bedrooms |
St. Joseph County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $655 | $593 | $737 |
| 1 bedroom | $751 | $666 | $813 |
| 2 bedroom | $905 | $840 | $1,015 |
| 3 bedroom | $1,170 | $1,099 | $1,325 |
| 4 bedroom | $1,227 | $1,251 | $1,521 |
We're here to help.