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Multifamily Loans in
Cranston, RI

Overview

Cranston is located in a good market for 5+ unit multifamily loans. Multifamily loans in Cranston are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Cranston are competitive. Cranston 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 Cranston.

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Cranston, RI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cranston 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 Cranston 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 Cranston, RI

All major multifamily lender types are lending in Cranston.


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


Cranston Market

The city of Cranston in Providence County has a population of 81,456. The median rent in Providence County for a 2 bedroom is $1,239. The median Cranston resident is 40 years old with a yearly income of $33,731. The average family has 3.25 members and a median household income of $72,017. Cranston has a 33% higher education rate. The unemployment rate in Cranston is 4.3%.


Population
81,456 people

County
Providence County

Renters

32.6% of Cranston households are renters.


Rent Burden

32.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Providence 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

Cranston Demographics


Median Individual Income
$33,731 / year

Median Household Income
$72,017 / year

Families w/ Dual Incomes
57%

Unemployment Rate
4.3%
Household Income Distribution
Cranston, RI

Median Age
40 years

Avg Family Size
3.25 people
Age Distribution
Cranston, RI

College Education or Above
33%

STEM College Graduates
44%
Education Distribution
Cranston, RI
Source: U.S. Census Bureau

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