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Multifamily Loans in
West Covina, CA

Overview

West Covina is located in a strong market for 5+ unit multifamily loans. Multifamily loans in West Covina are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in West Covina are some of the lowest nationally. West Covina 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 West Covina.

Get multifamily loan quotes for Dec 06, 2021


Multifamily Loan Rates in West Covina, CA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Covina 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 3.04% - 3.28%
7 Year Fixed 3.15% - 3.39%
10 Year Fixed 3.38% - 3.62%
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 2.98% - 3.23%
7 Year Fixed 3.14% - 3.59%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/05/2021. This is not an offer or commitment to lend. Multifamily loan rates in West Covina 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 06, 2021


Multifamily Lenders in West Covina, CA

All major multifamily lender types are lending in West Covina.


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 06, 2021


West Covina Market

The city of West Covina in Los Angeles County has a population of 105,101. The median rent in Los Angeles County for a 2 bedroom is $2,238. The median West Covina resident is 38 years old with a yearly income of $30,875. The average family has 3.88 members and a median household income of $82,938. West Covina has a 29% higher education rate. The unemployment rate in West Covina is 5.6%.


Population
105,101 people

County
Los Angeles County

Renters

37.5% of West Covina households are renters.


Rent Burden

34% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Los Angeles County 1
California 2
National 2
Studio $1,488 $1,137 $737
1 bedroom $1,746 $1,291 $813
2 bedroom $2,238 $1,635 $1,015
3 bedroom $2,974 $2,254 $1,325
4 bedroom $3,243 $2,613 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Covina Demographics


Median Individual Income
$30,875 / year

Median Household Income
$82,938 / year

Families w/ Dual Incomes
61%

Unemployment Rate
5.6%
Household Income Distribution
West Covina, CA

Median Age
38 years

Avg Family Size
3.88 people
Age Distribution
West Covina, CA

College Education or Above
29%

STEM College Graduates
45%
Education Distribution
West Covina, CA
Source: U.S. Census Bureau

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