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Multifamily Loans in
Norwich, CT

Overview

Norwich is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Norwich are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Norwich are slightly higher than the national average. Norwich 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 Norwich.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Norwich, CT

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

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


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


Norwich Market

The city of Norwich in New London County has a population of 38,768. The median rent in New London County for a 2 bedroom is $1,303. The median Norwich resident is 38 years old with a yearly income of $28,908. The average family has 3 members and a median household income of $57,052. Norwich has a 21% higher education rate. The unemployment rate in Norwich is 7.0%.


Population
38,768 people

County
New London County

Renters

48.4% of Norwich households are renters.


Rent Burden

33.6% 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

Norwich Demographics


Median Individual Income
$28,908 / year

Median Household Income
$57,052 / year

Families w/ Dual Incomes
54%

Unemployment Rate
7.0%
Household Income Distribution
Norwich, CT

Median Age
38 years

Avg Family Size
3 people
Age Distribution
Norwich, CT

College Education or Above
21%

STEM College Graduates
46%
Education Distribution
Norwich, CT
Source: U.S. Census Bureau

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