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Multifamily Loans in
Essex, VT

Overview

Essex is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Essex are considered greater risk due to market dynamics. Interest rates for multifamily loans in Essex are higher than the national average. Essex apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Essex.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Essex, VT

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

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.78% - 4.02%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Essex 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 04, 2021


Multifamily Lenders in Essex, VT

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Essex.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 04, 2021


Essex Market

The city of Essex in Chittenden County has a population of 21,467. The median rent in Chittenden County for a 2 bedroom is $1,732. The median Essex resident is 40 years old with a yearly income of $40,360. The average family has 2.92 members and a median household income of $84,588. Essex has a 52% higher education rate. The unemployment rate in Essex is 2.7%.


Population
21,467 people

County
Chittenden County

Renters

29.4% of Essex households are renters.


Rent Burden

29.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Chittenden County 1
Vermont 2
National 2
Studio $1,161 $808 $737
1 bedroom $1,345 $898 $813
2 bedroom $1,732 $1,111 $1,015
3 bedroom $2,154 $1,433 $1,325
4 bedroom $2,349 $1,571 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Essex Demographics


Median Individual Income
$40,360 / year

Median Household Income
$84,588 / year

Families w/ Dual Incomes
62%

Unemployment Rate
2.7%
Household Income Distribution
Essex, VT

Median Age
40 years

Avg Family Size
2.92 people
Age Distribution
Essex, VT

College Education or Above
52%

STEM College Graduates
47%
Education Distribution
Essex, VT
Source: U.S. Census Bureau

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