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Multifamily Loans in
South Portland, ME

Overview

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.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in South Portland, ME

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 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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in South Portland 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 Dec 04, 2021


Multifamily Lenders in South Portland, ME

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


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 Dec 04, 2021


South Portland Market

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%.


Population
25,532 people

County
Cumberland County

Renters

36.6% of South Portland households are renters.


Rent Burden

33.2% 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

South Portland Demographics


Median Individual Income
$33,642 / year

Median Household Income
$69,290 / year

Families w/ Dual Incomes
63%

Unemployment Rate
4.8%
Household Income Distribution
South Portland, ME

Median Age
42 years

Avg Family Size
2.91 people
Age Distribution
South Portland, ME

College Education or Above
46%

STEM College Graduates
41%
Education Distribution
South Portland, ME
Source: U.S. Census Bureau

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