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Multifamily Loans in
Somerville, MA

Overview

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.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Somerville, MA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Somerville 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 3.19% - 3.44%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.39% - 3.79%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Somerville 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 26, 2021


Multifamily Lenders in Somerville, MA

All major multifamily lender types are lending in Somerville.


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 26, 2021


Somerville Market

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%.


Population
81,360 people

County
Middlesex County

Renters

66.4% of Somerville households are renters.


Rent Burden

26.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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

Somerville Demographics


Median Individual Income
$47,134 / year

Median Household Income
$97,328 / year

Families w/ Dual Incomes
68%

Unemployment Rate
3.3%
Household Income Distribution
Somerville, MA

Median Age
31 years

Avg Family Size
2.89 people
Age Distribution
Somerville, MA

College Education or Above
65%

STEM College Graduates
57%
Education Distribution
Somerville, MA
Source: U.S. Census Bureau

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