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Multifamily Loans in
Gloucester, MA

Overview

Gloucester is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Gloucester are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Gloucester are some of the lowest nationally. Gloucester 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 Gloucester.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Gloucester, MA

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

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.24%
7 Year Fixed 3.48% - 4.18%
10 Year Fixed 3.59% - 4.29%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.14% - 3.84%
7 Year Fixed 3.08% - 3.78%
10 Year Fixed 3.19% - 3.89%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.19% - 3.44%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.39% - 3.79%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Gloucester 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 Nov 26, 2021


Multifamily Lenders in Gloucester, MA

All major multifamily lender types are lending in Gloucester.


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 Nov 26, 2021


Gloucester Market

The city of Gloucester in Essex County has a population of 30,430. The median rent in Essex County for a 2 bedroom is $2,470. The median Gloucester resident is 51 years old with a yearly income of $36,019. The average family has 2.84 members and a median household income of $72,574. Gloucester has a 40% higher education rate. The unemployment rate in Gloucester is 4.4%.


Population
30,430 people

County
Essex County

Renters

36% of Gloucester households are renters.


Rent Burden

36.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Essex County 1
Massachusetts 2
National 2
Studio $1,842 $1,259 $737
1 bedroom $2,034 $1,399 $813
2 bedroom $2,470 $1,747 $1,015
3 bedroom $3,072 $2,190 $1,325
4 bedroom $3,349 $2,423 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Gloucester Demographics


Median Individual Income
$36,019 / year

Median Household Income
$72,574 / year

Families w/ Dual Incomes
54%

Unemployment Rate
4.4%
Household Income Distribution
Gloucester, MA

Median Age
51 years

Avg Family Size
2.84 people
Age Distribution
Gloucester, MA

College Education or Above
40%

STEM College Graduates
39%
Education Distribution
Gloucester, MA
Source: U.S. Census Bureau

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