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Multifamily Loans in
Biddeford, ME

Overview

Biddeford is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Biddeford are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Biddeford are slightly higher than the national average. Biddeford 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 Biddeford.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Biddeford, ME

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Biddeford are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Biddeford 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 04, 2021


Multifamily Lenders in Biddeford, ME

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Biddeford.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 04, 2021


Biddeford Market

The city of Biddeford in York County has a population of 21,504. The median rent in York County for a 2 bedroom is $1,678. The median Biddeford resident is 38 years old with a yearly income of $27,103. The average family has 2.67 members and a median household income of $53,120. Biddeford has a 28% higher education rate. The unemployment rate in Biddeford is 4.4%.


Population
21,504 people

County
York County

Renters

51.7% of Biddeford households are renters.


Rent Burden

29% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
York County 1
Maine 2
National 2
Studio $1,147 $700 $737
1 bedroom $1,295 $761 $813
2 bedroom $1,678 $956 $1,015
3 bedroom $2,172 $1,232 $1,325
4 bedroom $2,654 $1,424 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Biddeford Demographics


Median Individual Income
$27,103 / year

Median Household Income
$53,120 / year

Families w/ Dual Incomes
57%

Unemployment Rate
4.4%
Household Income Distribution
Biddeford, ME

Median Age
38 years

Avg Family Size
2.67 people
Age Distribution
Biddeford, ME

College Education or Above
28%

STEM College Graduates
52%
Education Distribution
Biddeford, ME
Source: U.S. Census Bureau

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