South Portland is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in South Portland are considered moderate risk due to market dynamics. Interest rates for multifamily loans in South Portland are slightly higher than the national average. South Portland 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 South Portland.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in South Portland are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 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 | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 6.04% - 6.19% |
| 10 Year Fixed | 6.04% - 6.19% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in South Portland.
The city of South Portland in Cumberland County has a population of 25,532. The median rent in Cumberland County for a 2 bedroom is $1,678. The median South Portland resident is 42 years old with a yearly income of $33,642. The average family has 2.91 members and a median household income of $69,290. South Portland has a 46% higher education rate. The unemployment rate in South Portland is 4.8%.
36.6% of South Portland households are renters.
33.2% median household income spent on rent.
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 |
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