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Multifamily Loans in
Riverhead, NY

Overview

Riverhead is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Riverhead are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Riverhead are some of the lowest nationally. Riverhead 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 Riverhead.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Riverhead, NY

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

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.24%
7 Year Fixed 3.48% - 4.18%
10 Year Fixed 3.59% - 4.29%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.14% - 3.84%
7 Year Fixed 3.08% - 3.78%
10 Year Fixed 3.19% - 3.89%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.01% - 3.26%
7 Year Fixed 3.25% - 3.70%
10 Year Fixed 3.23% - 3.63%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Riverhead 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 29, 2021


Multifamily Lenders in Riverhead, NY

All major multifamily lender types are lending in Riverhead.


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 Nov 29, 2021


Riverhead Market

The city of Riverhead in Suffolk County has a population of 33,549. The median rent in Suffolk County for a 2 bedroom is $2,190. The median Riverhead resident is 47 years old with a yearly income of $37,685. The average family has 3.15 members and a median household income of $73,161. Riverhead has a 29% higher education rate. The unemployment rate in Riverhead is 5.2%.


Population
33,549 people

County
Suffolk County

Renters

22.8% of Riverhead households are renters.


Rent Burden

40.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Suffolk County 1
New York 2
National 2
Studio $1,445 $909 $737
1 bedroom $1,786 $990 $813
2 bedroom $2,190 $1,202 $1,015
3 bedroom $2,804 $1,537 $1,325
4 bedroom $3,116 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Riverhead Demographics


Median Individual Income
$37,685 / year

Median Household Income
$73,161 / year

Families w/ Dual Incomes
49%

Unemployment Rate
5.2%
Household Income Distribution
Riverhead, NY

Median Age
47 years

Avg Family Size
3.15 people
Age Distribution
Riverhead, NY

College Education or Above
29%

STEM College Graduates
43%
Education Distribution
Riverhead, NY
Source: U.S. Census Bureau

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