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Multifamily Loans in
Suffolk, VA

Overview

Suffolk is located in a good market for 5+ unit multifamily loans. Multifamily loans in Suffolk are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Suffolk are competitive. Suffolk 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 Suffolk.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Suffolk, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Suffolk 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 $7.5M
5 Year Fixed 3.32% - 3.56%
7 Year Fixed 3.28% - 3.52%
10 Year Fixed 3.47% - 3.71%
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®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Suffolk 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 05, 2021


Multifamily Lenders in Suffolk, VA

All major multifamily lender types are lending in Suffolk.


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 Dec 05, 2021


Suffolk Market

The city of Suffolk in Suffolk city has a population of 92,108. The median rent in Suffolk city for a 2 bedroom is $1,233. The median Suffolk resident is 38 years old with a yearly income of $36,375. The average family has 3.12 members and a median household income of $74,884. Suffolk has a 30% higher education rate. The unemployment rate in Suffolk is 6.2%.


Population
92,108 people

County
Suffolk city

Renters

31.3% of Suffolk households are renters.


Rent Burden

35.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Suffolk city 1
Virginia 2
National 2
Studio $1,032 $833 $737
1 bedroom $1,045 $897 $813
2 bedroom $1,233 $1,072 $1,015
3 bedroom $1,740 $1,423 $1,325
4 bedroom $2,135 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Suffolk Demographics


Median Individual Income
$36,375 / year

Median Household Income
$74,884 / year

Families w/ Dual Incomes
56%

Unemployment Rate
6.2%
Household Income Distribution
Suffolk, VA

Median Age
38 years

Avg Family Size
3.12 people
Age Distribution
Suffolk, VA

College Education or Above
30%

STEM College Graduates
46%
Education Distribution
Suffolk, VA
Source: U.S. Census Bureau

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