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Multifamily Loans in
Scarborough, ME

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Overview

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.

Get multifamily loan quotes for Oct 15, 2021


Multifamily Loan Rates in Scarborough, ME

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Scarborough 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 $6M
5 Year Fixed 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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®
$6M to $100M
5 Year Fixed 2.87% - 3.12%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 10/14/2021. This is not an offer or commitment to lend. Multifamily loan rates in Scarborough 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.

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Multifamily Lenders in Scarborough, ME

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Scarborough.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Oct 15, 2021


Scarborough Market

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%.


Population
20,146 people

County
Cumberland County

Renters

17.6% of Scarborough households are renters.


Rent Burden

22.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Scarborough Demographics


Median Individual Income
$41,772 / year

Median Household Income
$94,905 / year

Families w/ Dual Incomes
63%

Unemployment Rate
1.1%
Household Income Distribution
Scarborough, ME

Median Age
48 years

Avg Family Size
2.94 people
Age Distribution
Scarborough, ME

College Education or Above
55%

STEM College Graduates
52%
Education Distribution
Scarborough, ME
Source: U.S. Census Bureau

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