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Multifamily Loans in
Peabody, MA

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Peabody, MA

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

All major multifamily lender types are lending in Peabody.


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


Peabody Market

The city of Peabody in Essex County has a population of 53,070. The median rent in Essex County for a 2 bedroom is $2,470. The median Peabody resident is 46 years old with a yearly income of $37,869. The average family has 3.07 members and a median household income of $73,217. Peabody has a 34% higher education rate. The unemployment rate in Peabody is 4.0%.


Population
53,070 people

County
Essex County

Renters

34.2% of Peabody households are renters.


Rent Burden

36.9% 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

Peabody Demographics


Median Individual Income
$37,869 / year

Median Household Income
$73,217 / year

Families w/ Dual Incomes
60%

Unemployment Rate
4.0%
Household Income Distribution
Peabody, MA

Median Age
46 years

Avg Family Size
3.07 people
Age Distribution
Peabody, MA

College Education or Above
34%

STEM College Graduates
40%
Education Distribution
Peabody, MA
Source: U.S. Census Bureau

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