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Multifamily Loans in
East Providence, RI

Overview

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

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in East Providence, RI

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

All major multifamily lender types are lending in East Providence.


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


East Providence Market

The city of East Providence in Providence County has a population of 47,618. The median rent in Providence County for a 2 bedroom is $1,239. The median East Providence resident is 41 years old with a yearly income of $33,563. The average family has 3.07 members and a median household income of $59,142. East Providence has a 29% higher education rate. The unemployment rate in East Providence is 4.0%.


Population
47,618 people

County
Providence County

Renters

39% of East Providence households are renters.


Rent Burden

35.4% 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

East Providence Demographics


Median Individual Income
$33,563 / year

Median Household Income
$59,142 / year

Families w/ Dual Incomes
56%

Unemployment Rate
4.0%
Household Income Distribution
East Providence, RI

Median Age
41 years

Avg Family Size
3.07 people
Age Distribution
East Providence, RI

College Education or Above
29%

STEM College Graduates
38%
Education Distribution
East Providence, RI
Source: U.S. Census Bureau

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