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Multifamily Loans in
Cumberland, RI

Overview

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

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Cumberland, RI

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

All major multifamily lender types are lending in Cumberland.


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


Cumberland Market

The city of Cumberland in Providence County has a population of 34,846. The median rent in Providence County for a 2 bedroom is $1,239. The median Cumberland resident is 45 years old with a yearly income of $42,486. The average family has 3.16 members and a median household income of $91,726. Cumberland has a 39% higher education rate. The unemployment rate in Cumberland is 2.5%.


Population
34,846 people

County
Providence County

Renters

23.3% of Cumberland households are renters.


Rent Burden

35.1% 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

Cumberland Demographics


Median Individual Income
$42,486 / year

Median Household Income
$91,726 / year

Families w/ Dual Incomes
63%

Unemployment Rate
2.5%
Household Income Distribution
Cumberland, RI

Median Age
45 years

Avg Family Size
3.16 people
Age Distribution
Cumberland, RI

College Education or Above
39%

STEM College Graduates
40%
Education Distribution
Cumberland, RI
Source: U.S. Census Bureau

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