SoftQuotes' Freddie Mac 5+ unit multifamily loan rates in Cumberland, RI are:
The Freddie Mac Small Balance Loan (SBL) program is designed for 5-50 unit apartment buildings and offers 5, 7 & 10 year fixed rate and hybrid ARM loan options. Cumberland, RI is located in the Northeast region of the Freddie Mac SBL program and considered a standard market. Freddie Mac SBL loan amounts in Cumberland are $1 million to $7.5 million, with a maximum loan-to-value of 80% for purchase and refinance loans. The minimum debt service coverage ratio (DSCR) for loans in Cumberland 1.25x. The Freddie Mac SBL program offers full term interest-only payment options in Cumberland on loans up to 65% Loan-To-Value (LTV) for a 0.15% add to the rate. Partial-term interest-only payment options (1 year on a 5-year term, 2 years on a 7-year term and 3 years on a 10-year term) are also available in Cumberland, for an add to rat For more on the Freddie Mac SBL program, see our guide on Freddie Mac Small Balance Loan (SBL).
The Freddie Mac Conventional loan program is designed for multifamily properties with loans from $5 million and up. In Cumberland, RI, this program will generally go to 80% loan-to-value (LTV) for a purchase and 75% loan-to-value (LTV) for a refinance. Most conventional loans in Cumberland will be required to meet a 1.25% debt service coverage ratio (DSCR). This program has a defeasance prepayment penalty. Unlike the SBL program, Freddie Mac Conventional loans are much more flexible in respect to multifamily property types, loan terms and transaction types. This program offer a variety of floating and fixed rate terms with potentially more interest only payment options.