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Multifamily Loans in
Pittsfield, MA

Overview

Pittsfield is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Pittsfield are considered greater risk due to market dynamics. Interest rates for multifamily loans in Pittsfield are higher than the national average. Pittsfield apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Pittsfield.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Pittsfield, MA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Pittsfield 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.78% - 4.02%
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 3.34% - 3.59%
7 Year Fixed 3.58% - 4.03%
10 Year Fixed 3.54% - 3.94%
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 Pittsfield 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 Pittsfield, MA

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


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 Nov 26, 2021


Pittsfield Market

The city of Pittsfield in Berkshire County has a population of 42,142. The median rent in Berkshire County for a 2 bedroom is $1,211. The median Pittsfield resident is 44 years old with a yearly income of $29,909. The average family has 2.85 members and a median household income of $51,411. Pittsfield has a 29% higher education rate. The unemployment rate in Pittsfield is 5.7%.


Population
42,142 people

County
Berkshire County

Renters

38.2% of Pittsfield households are renters.


Rent Burden

38.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Berkshire County 1
Massachusetts 2
National 2
Studio $799 $1,259 $737
1 bedroom $962 $1,399 $813
2 bedroom $1,211 $1,747 $1,015
3 bedroom $1,530 $2,190 $1,325
4 bedroom $1,708 $2,423 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Pittsfield Demographics


Median Individual Income
$29,909 / year

Median Household Income
$51,411 / year

Families w/ Dual Incomes
51%

Unemployment Rate
5.7%
Household Income Distribution
Pittsfield, MA

Median Age
44 years

Avg Family Size
2.85 people
Age Distribution
Pittsfield, MA

College Education or Above
29%

STEM College Graduates
46%
Education Distribution
Pittsfield, MA
Source: U.S. Census Bureau

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