Somerville is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Somerville are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Somerville are some of the lowest nationally. Somerville 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 Somerville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Somerville are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.88% - 6.03% |
| 7 Year Fixed | 6.01% - 6.09% |
| 10 Year Fixed | 5.94% - 6.09% |
All major multifamily lender types are lending in Somerville.
The city of Somerville in Middlesex County has a population of 81,360. The median rent in Middlesex County for a 2 bedroom is $2,470. The median Somerville resident is 31 years old with a yearly income of $47,134. The average family has 2.89 members and a median household income of $97,328. Somerville has a 65% higher education rate. The unemployment rate in Somerville is 3.3%.
66.4% of Somerville households are renters.
26.4% median household income spent on rent.
Bedrooms |
Middlesex County 1 |
Massachusetts 2 |
National 2 |
|---|---|---|---|
| Studio | $1,842 | $1,259 | $737 |
| 1 bedroom | $2,034 | $1,399 | $813 |
| 2 bedroom | $2,470 | $1,747 | $1,015 |
| 3 bedroom | $3,072 | $2,190 | $1,325 |
| 4 bedroom | $3,349 | $2,423 | $1,521 |
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