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Multifamily Loans in
Coventry, RI

Overview

Coventry is located in a good market for 5+ unit multifamily loans. Multifamily loans in Coventry are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Coventry are competitive. Coventry apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Coventry.

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Coventry, RI

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

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.19%
7 Year Fixed 3.42% - 4.00%
10 Year Fixed 3.46% - 3.95%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.34% - 3.58%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.64% - 3.88%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.24% - 3.74%
7 Year Fixed 3.12% - 3.70%
10 Year Fixed 3.16% - 3.65%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.51% - 4.01%
7 Year Fixed 3.64% - 4.34%
10 Year Fixed 3.58% - 4.23%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 01/28/2022. This is not an offer or commitment to lend. Multifamily loan rates in Coventry 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 Jan 29, 2022


Multifamily Lenders in Coventry, RI

All major multifamily lender types are lending in Coventry.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Jan 29, 2022


Coventry Market

The city of Coventry in Kent County has a population of 34,627. The median rent in Kent County for a 2 bedroom is $1,239. The median Coventry resident is 44 years old with a yearly income of $35,406. The average family has 2.92 members and a median household income of $73,392. Coventry has a 28% higher education rate. The unemployment rate in Coventry is 4.4%.


Population
34,627 people

County
Kent County

Renters

22.7% of Coventry households are renters.


Rent Burden

31.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kent County 1
Rhode Island 2
National 2
Studio $915 $936 $737
1 bedroom $1,030 $1,044 $813
2 bedroom $1,239 $1,270 $1,015
3 bedroom $1,541 $1,615 $1,325
4 bedroom $1,850 $1,932 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Coventry Demographics


Median Individual Income
$35,406 / year

Median Household Income
$73,392 / year

Families w/ Dual Incomes
61%

Unemployment Rate
4.4%
Household Income Distribution
Coventry, RI

Median Age
44 years

Avg Family Size
2.92 people
Age Distribution
Coventry, RI

College Education or Above
28%

STEM College Graduates
41%
Education Distribution
Coventry, RI
Source: U.S. Census Bureau

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