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Multifamily Loans in
Farmington, CT

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Farmington, CT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Farmington 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 $7.5M
5 Year Fixed 3.42% - 3.66%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.52% - 3.76%
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®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
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 Farmington 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 Farmington, CT

All major multifamily lender types are lending in Farmington.


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 Dec 04, 2021


Farmington Market

The city of Farmington in Hartford County has a population of 25,528. The median rent in Hartford County for a 2 bedroom is $1,437. The median Farmington resident is 45 years old with a yearly income of $47,485. The average family has 3.04 members and a median household income of $93,053. Farmington has a 60% higher education rate. The unemployment rate in Farmington is 4.4%.


Population
25,528 people

County
Hartford County

Renters

27% of Farmington households are renters.


Rent Burden

35.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Hartford County 1
Connecticut 2
National 2
Studio $948 $974 $737
1 bedroom $1,164 $1,155 $813
2 bedroom $1,437 $1,442 $1,015
3 bedroom $1,787 $1,820 $1,325
4 bedroom $2,089 $2,144 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Farmington Demographics


Median Individual Income
$47,485 / year

Median Household Income
$93,053 / year

Families w/ Dual Incomes
56%

Unemployment Rate
4.4%
Household Income Distribution
Farmington, CT

Median Age
45 years

Avg Family Size
3.04 people
Age Distribution
Farmington, CT

College Education or Above
60%

STEM College Graduates
52%
Education Distribution
Farmington, CT
Source: U.S. Census Bureau

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