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Multifamily Loans in
Portsmouth, VA

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Portsmouth, VA

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

All major multifamily lender types are lending in Portsmouth.


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


Portsmouth Market

The city of Portsmouth in Portsmouth city has a population of 94,398. The median rent in Portsmouth city for a 2 bedroom is $1,233. The median Portsmouth resident is 35 years old with a yearly income of $27,350. The average family has 3.29 members and a median household income of $52,175. Portsmouth has a 22% higher education rate. The unemployment rate in Portsmouth is 7.8%.


Population
94,398 people

County
Portsmouth city

Renters

45% of Portsmouth households are renters.


Rent Burden

35.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Portsmouth city 1
Virginia 2
National 2
Studio $1,032 $833 $737
1 bedroom $1,045 $897 $813
2 bedroom $1,233 $1,072 $1,015
3 bedroom $1,740 $1,423 $1,325
4 bedroom $2,135 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Portsmouth Demographics


Median Individual Income
$27,350 / year

Median Household Income
$52,175 / year

Families w/ Dual Incomes
46%

Unemployment Rate
7.8%
Household Income Distribution
Portsmouth, VA

Median Age
35 years

Avg Family Size
3.29 people
Age Distribution
Portsmouth, VA

College Education or Above
22%

STEM College Graduates
44%
Education Distribution
Portsmouth, VA
Source: U.S. Census Bureau

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