Loading...

Multifamily Loans in
Covington, WA

Overview

Covington is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Covington are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Covington are some of the lowest nationally. Covington 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 Covington.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Covington, WA

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

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.24%
7 Year Fixed 3.48% - 4.18%
10 Year Fixed 3.59% - 4.29%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.15% - 3.39%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.14% - 3.84%
7 Year Fixed 3.08% - 3.78%
10 Year Fixed 3.19% - 3.89%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.11% - 3.36%
7 Year Fixed 3.28% - 3.73%
10 Year Fixed 3.23% - 3.63%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Covington 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 08, 2021


Multifamily Lenders in Covington, WA

All major multifamily lender types are lending in Covington.


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 Dec 08, 2021


Covington Market

The city of Covington in King County has a population of 21,175. The median rent in King County for a 2 bedroom is $2,076. The median Covington resident is 38 years old with a yearly income of $43,237. The average family has 3.28 members and a median household income of $105,154. Covington has a 28% higher education rate. The unemployment rate in Covington is 2.1%.


Population
21,175 people

County
King County

Renters

18.9% of Covington households are renters.


Rent Burden

32.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
King County 1
Washington 2
National 2
Studio $1,659 $801 $737
1 bedroom $1,741 $904 $813
2 bedroom $2,076 $1,138 $1,015
3 bedroom $2,903 $1,591 $1,325
4 bedroom $3,421 $1,874 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Covington Demographics


Median Individual Income
$43,237 / year

Median Household Income
$105,154 / year

Families w/ Dual Incomes
70%

Unemployment Rate
2.1%
Household Income Distribution
Covington, WA

Median Age
38 years

Avg Family Size
3.28 people
Age Distribution
Covington, WA

College Education or Above
28%

STEM College Graduates
51%
Education Distribution
Covington, WA
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day