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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cranston are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.93% - 6.08% |
| 7 Year Fixed | 5.99% - 6.14% |
| 10 Year Fixed | 5.99% - 6.14% |
All major multifamily lender types are lending in Cranston.
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%.
32.6% of Cranston households are renters.
32.2% median household income spent on rent.
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 |
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