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Multifamily Loans in
North Andover, MA

Overview

North Andover is located in a strong market for 5+ unit multifamily loans. Multifamily loans in North Andover are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in North Andover are some of the lowest nationally. North Andover 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 North Andover.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in North Andover, MA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Andover are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.24%
7 Year Fixed 3.48% - 4.18%
10 Year Fixed 3.59% - 4.29%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.14% - 3.84%
7 Year Fixed 3.08% - 3.78%
10 Year Fixed 3.19% - 3.89%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.19% - 3.44%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.39% - 3.79%
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 North Andover 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 North Andover, MA

All major multifamily lender types are lending in North Andover.


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


North Andover Market

The city of North Andover in Essex County has a population of 30,842. The median rent in Essex County for a 2 bedroom is $2,470. The median North Andover resident is 39 years old with a yearly income of $46,143. The average family has 3.19 members and a median household income of $108,070. North Andover has a 60% higher education rate. The unemployment rate in North Andover is 3.8%.


Population
30,842 people

County
Essex County

Renters

28.6% of North Andover households are renters.


Rent Burden

38.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Essex County 1
Massachusetts 2
National 2
Studio $1,842 $1,259 $737
1 bedroom $2,034 $1,399 $813
2 bedroom $2,470 $1,747 $1,015
3 bedroom $3,072 $2,190 $1,325
4 bedroom $3,349 $2,423 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

North Andover Demographics


Median Individual Income
$46,143 / year

Median Household Income
$108,070 / year

Families w/ Dual Incomes
62%

Unemployment Rate
3.8%
Household Income Distribution
North Andover, MA

Median Age
39 years

Avg Family Size
3.19 people
Age Distribution
North Andover, MA

College Education or Above
60%

STEM College Graduates
48%
Education Distribution
North Andover, MA
Source: U.S. Census Bureau

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