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Multifamily Loans in
Providence, RI

Overview

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

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Providence, RI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Providence are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.19%
7 Year Fixed 3.42% - 4.00%
10 Year Fixed 3.46% - 3.95%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.34% - 3.58%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.64% - 3.88%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.24% - 3.74%
7 Year Fixed 3.12% - 3.70%
10 Year Fixed 3.16% - 3.65%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.51% - 4.01%
7 Year Fixed 3.64% - 4.34%
10 Year Fixed 3.58% - 4.23%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 01/28/2022. This is not an offer or commitment to lend. Multifamily loan rates in Providence 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 Jan 29, 2022


Multifamily Lenders in Providence, RI

All major multifamily lender types are lending in Providence.


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 Jan 29, 2022


Providence Market

The city of Providence in Providence County has a population of 179,883. The median rent in Providence County for a 2 bedroom is $1,239. The median Providence resident is 31 years old with a yearly income of $22,200. The average family has 3.52 members and a median household income of $45,610. Providence has a 30% higher education rate. The unemployment rate in Providence is 7.8%.


Population
179,883 people

County
Providence County

Renters

63.9% of Providence households are renters.


Rent Burden

38.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Providence County 1
Rhode Island 2
National 2
Studio $915 $936 $737
1 bedroom $1,030 $1,044 $813
2 bedroom $1,239 $1,270 $1,015
3 bedroom $1,541 $1,615 $1,325
4 bedroom $1,850 $1,932 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Providence Demographics


Median Individual Income
$22,200 / year

Median Household Income
$45,610 / year

Families w/ Dual Incomes
48%

Unemployment Rate
7.8%
Household Income Distribution
Providence, RI

Median Age
31 years

Avg Family Size
3.52 people
Age Distribution
Providence, RI

College Education or Above
30%

STEM College Graduates
47%
Education Distribution
Providence, RI
Source: U.S. Census Bureau

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