Bangor is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Bangor are considered greater risk due to market dynamics. Interest rates for multifamily loans in Bangor are higher than the national average. Bangor 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 Bangor.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Bangor are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.93% - 7.17% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Bangor.
The city of Bangor in Penobscot County has a population of 32,262. The median rent in Penobscot County for a 2 bedroom is $1,107. The median Bangor resident is 38 years old with a yearly income of $25,465. The average family has 2.86 members and a median household income of $46,625. Bangor has a 36% higher education rate. The unemployment rate in Bangor is 5.3%.
51.7% of Bangor households are renters.
32.2% median household income spent on rent.
Bedrooms |
Penobscot County 1 |
Maine 2 |
National 2 |
|---|---|---|---|
| Studio | $741 | $700 | $737 |
| 1 bedroom | $865 | $761 | $813 |
| 2 bedroom | $1,107 | $956 | $1,015 |
| 3 bedroom | $1,377 | $1,232 | $1,325 |
| 4 bedroom | $1,811 | $1,424 | $1,521 |
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