Scarborough is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Scarborough are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Scarborough are slightly higher than the national average. Scarborough 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 Scarborough.
For 2-4 unit multifamily loans in Scarborough, 2021 conforming loan limits are $702,000 for a duplex, $848,500 for a triplex and $1,054,500 for a fourplex.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Scarborough are:
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Scarborough.
The city of Scarborough in Cumberland County has a population of 20,146. The median rent in Cumberland County for a 2 bedroom is $1,678. The median Scarborough resident is 48 years old with a yearly income of $41,772. The average family has 2.94 members and a median household income of $94,905. Scarborough has a 55% higher education rate. The unemployment rate in Scarborough is 1.1%.
17.6% of Scarborough households are renters.
22.2% median household income spent on rent.
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