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Multifamily Loans in
Norfolk, VA

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Norfolk, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Norfolk 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 Norfolk 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 Norfolk, VA

All major multifamily lender types are lending in Norfolk.


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


Norfolk Market

The city of Norfolk in Norfolk city has a population of 242,742. The median rent in Norfolk city for a 2 bedroom is $1,233. The median Norfolk resident is 31 years old with a yearly income of $26,694. The average family has 3.18 members and a median household income of $51,590. Norfolk has a 29% higher education rate. The unemployment rate in Norfolk is 7.6%.


Population
242,742 people

County
Norfolk city

Renters

56.6% of Norfolk households are renters.


Rent Burden

34% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Norfolk city 1
Virginia 2
National 2
Studio $1,032 $833 $737
1 bedroom $1,045 $897 $813
2 bedroom $1,233 $1,072 $1,015
3 bedroom $1,740 $1,423 $1,325
4 bedroom $2,135 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Norfolk Demographics


Median Individual Income
$26,694 / year

Median Household Income
$51,590 / year

Families w/ Dual Incomes
48%

Unemployment Rate
7.6%
Household Income Distribution
Norfolk, VA

Median Age
31 years

Avg Family Size
3.18 people
Age Distribution
Norfolk, VA

College Education or Above
29%

STEM College Graduates
48%
Education Distribution
Norfolk, VA
Source: U.S. Census Bureau

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