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Multifamily Loans in
Mechanicsville, VA

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Mechanicsville, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mechanicsville 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 3.32% - 3.56%
7 Year Fixed 3.28% - 3.52%
10 Year Fixed 3.47% - 3.71%
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 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Mechanicsville 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 05, 2021


Multifamily Lenders in Mechanicsville, VA

All major multifamily lender types are lending in Mechanicsville.


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 05, 2021


Mechanicsville Market

The city of Mechanicsville in Hanover County has a population of 37,496. The median rent in Hanover County for a 2 bedroom is $1,252. The median Mechanicsville resident is 43 years old with a yearly income of $39,064. The average family has 3.06 members and a median household income of $79,692. Mechanicsville has a 36% higher education rate. The unemployment rate in Mechanicsville is 2.0%.


Population
37,496 people

County
Hanover County

Renters

22.5% of Mechanicsville households are renters.


Rent Burden

26.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Hanover County 1
Virginia 2
National 2
Studio $1,069 $833 $737
1 bedroom $1,098 $897 $813
2 bedroom $1,252 $1,072 $1,015
3 bedroom $1,655 $1,423 $1,325
4 bedroom $1,981 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Mechanicsville Demographics


Median Individual Income
$39,064 / year

Median Household Income
$79,692 / year

Families w/ Dual Incomes
59%

Unemployment Rate
2.0%
Household Income Distribution
Mechanicsville, VA

Median Age
43 years

Avg Family Size
3.06 people
Age Distribution
Mechanicsville, VA

College Education or Above
36%

STEM College Graduates
44%
Education Distribution
Mechanicsville, VA
Source: U.S. Census Bureau

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