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Multifamily Loans in
Petersburg, VA

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Petersburg, VA

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

All major multifamily lender types are lending in Petersburg.


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


Petersburg Market

The city of Petersburg in Petersburg city has a population of 31,346. The median rent in Petersburg city for a 2 bedroom is $1,252. The median Petersburg resident is 38 years old with a yearly income of $22,893. The average family has 3.28 members and a median household income of $38,679. Petersburg has a 20% higher education rate. The unemployment rate in Petersburg is 11.7%.


Population
31,346 people

County
Petersburg city

Renters

61.2% of Petersburg households are renters.


Rent Burden

36.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Petersburg city 1
Virginia 2
National 2
Studio $1,069 $833 $737
1 bedroom $1,098 $897 $813
2 bedroom $1,252 $1,072 $1,015
3 bedroom $1,655 $1,423 $1,325
4 bedroom $1,981 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Petersburg Demographics


Median Individual Income
$22,893 / year

Median Household Income
$38,679 / year

Families w/ Dual Incomes
39%

Unemployment Rate
11.7%
Household Income Distribution
Petersburg, VA

Median Age
38 years

Avg Family Size
3.28 people
Age Distribution
Petersburg, VA

College Education or Above
20%

STEM College Graduates
40%
Education Distribution
Petersburg, VA
Source: U.S. Census Bureau

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