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.
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 | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.28% - 7.52% |
| 7 Year Fixed | 6.89% - 7.13% |
| 10 Year Fixed | 6.88% - 7.12% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in New London.
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%.
63.1% of New London households are renters.
39.8% median household income spent on rent.
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 |
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