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Multifamily Loans in
Torrington, CT

Overview

Torrington is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Torrington are considered greater risk due to market dynamics. Interest rates for multifamily loans in Torrington are higher than the national average. Torrington apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Torrington.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Torrington, CT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Torrington 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.78% - 4.02%
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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
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 Torrington 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 Torrington, CT

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


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


Torrington Market

The city of Torrington in Litchfield County has a population of 34,044. The median rent in Litchfield County for a 2 bedroom is $1,306. The median Torrington resident is 45 years old with a yearly income of $32,509. The average family has 2.95 members and a median household income of $63,172. Torrington has a 23% higher education rate. The unemployment rate in Torrington is 6.0%.


Population
34,044 people

County
Litchfield County

Renters

32.9% of Torrington households are renters.


Rent Burden

29.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Litchfield County 1
Connecticut 2
National 2
Studio $862 $974 $737
1 bedroom $1,015 $1,155 $813
2 bedroom $1,306 $1,442 $1,015
3 bedroom $1,629 $1,820 $1,325
4 bedroom $1,771 $2,144 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Torrington Demographics


Median Individual Income
$32,509 / year

Median Household Income
$63,172 / year

Families w/ Dual Incomes
56%

Unemployment Rate
6.0%
Household Income Distribution
Torrington, CT

Median Age
45 years

Avg Family Size
2.95 people
Age Distribution
Torrington, CT

College Education or Above
23%

STEM College Graduates
40%
Education Distribution
Torrington, CT
Source: U.S. Census Bureau

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