Portland is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Portland are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Portland are slightly higher than the national average. Portland 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 Portland.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Portland are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.28% - 7.52% |
| 7 Year Fixed | 6.89% - 7.13% |
| 10 Year Fixed | 6.88% - 7.12% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Portland.
The city of Portland in Cumberland County has a population of 66,215. The median rent in Cumberland County for a 2 bedroom is $1,678. The median Portland resident is 37 years old with a yearly income of $33,470. The average family has 2.9 members and a median household income of $60,467. Portland has a 53% higher education rate. The unemployment rate in Portland is 2.8%.
54.9% of Portland households are renters.
33.3% median household income spent on rent.
Bedrooms |
Cumberland County 1 |
Maine 2 |
National 2 |
|---|---|---|---|
| Studio | $1,147 | $700 | $737 |
| 1 bedroom | $1,295 | $761 | $813 |
| 2 bedroom | $1,678 | $956 | $1,015 |
| 3 bedroom | $2,172 | $1,232 | $1,325 |
| 4 bedroom | $2,654 | $1,424 | $1,521 |
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