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Multifamily Loans in
New London, CT

Overview

New London is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in New London are considered moderate risk due to market dynamics. Interest rates for multifamily loans in New London are slightly higher than the national average. New London apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in New London.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in New London, CT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New London 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 $6M
5 Year Fixed 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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®
$6M to $100M
5 Year Fixed 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
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 New London 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 New London, CT

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in New London.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 04, 2021


New London Market

The city of New London in New London County has a population of 26,858. The median rent in New London County for a 2 bedroom is $1,303. The median New London resident is 32 years old with a yearly income of $21,135. The average family has 2.85 members and a median household income of $46,298. New London has a 25% higher education rate. The unemployment rate in New London is 8.5%.


Population
26,858 people

County
New London County

Renters

63.1% of New London households are renters.


Rent Burden

39.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
New London County 1
Connecticut 2
National 2
Studio $860 $974 $737
1 bedroom $1,036 $1,155 $813
2 bedroom $1,303 $1,442 $1,015
3 bedroom $1,682 $1,820 $1,325
4 bedroom $2,152 $2,144 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New London Demographics


Median Individual Income
$21,135 / year

Median Household Income
$46,298 / year

Families w/ Dual Incomes
48%

Unemployment Rate
8.5%
Household Income Distribution
New London, CT

Median Age
32 years

Avg Family Size
2.85 people
Age Distribution
New London, CT

College Education or Above
25%

STEM College Graduates
45%
Education Distribution
New London, CT
Source: U.S. Census Bureau

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