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.
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 | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.68% - 6.92% |
| 10 Year Fixed | 6.64% - 6.88% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in New Bedford.
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%.
59.8% of New Bedford households are renters.
30.5% median household income spent on rent.
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 |
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