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Multifamily Loans in
New Bedford, MA

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in New Bedford, MA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Bedford 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 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
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 New Bedford 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 New Bedford, MA

All major multifamily lender types are lending in New Bedford.


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


New Bedford Market

The city of New Bedford in Bristol County has a population of 95,363. The median rent in Bristol County for a 2 bedroom is $1,239. The median New Bedford resident is 37 years old with a yearly income of $26,255. The average family has 3.08 members and a median household income of $46,321. New Bedford has a 17% higher education rate. The unemployment rate in New Bedford is 6.4%.


Population
95,363 people

County
Bristol County

Renters

59.8% of New Bedford households are renters.


Rent Burden

30.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Bristol County 1
Massachusetts 2
National 2
Studio $915 $1,259 $737
1 bedroom $1,030 $1,399 $813
2 bedroom $1,239 $1,747 $1,015
3 bedroom $1,541 $2,190 $1,325
4 bedroom $1,850 $2,423 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New Bedford Demographics


Median Individual Income
$26,255 / year

Median Household Income
$46,321 / year

Families w/ Dual Incomes
47%

Unemployment Rate
6.4%
Household Income Distribution
New Bedford, MA

Median Age
37 years

Avg Family Size
3.08 people
Age Distribution
New Bedford, MA

College Education or Above
17%

STEM College Graduates
42%
Education Distribution
New Bedford, MA
Source: U.S. Census Bureau

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