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Multifamily Loans in
West Springfield, MA

Overview

West Springfield is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in West Springfield are considered moderate risk due to market dynamics. Interest rates for multifamily loans in West Springfield are slightly higher than the national average. West Springfield 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 West Springfield.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in West Springfield, MA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Springfield 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 3.29% - 3.54%
7 Year Fixed 3.53% - 3.98%
10 Year Fixed 3.49% - 3.89%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in West Springfield 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 Nov 26, 2021


Multifamily Lenders in West Springfield, MA

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


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 Nov 26, 2021


West Springfield Market

The city of West Springfield in Hampden County has a population of 28,517. The median rent in Hampden County for a 2 bedroom is $1,209. The median West Springfield resident is 41 years old with a yearly income of $30,795. The average family has 3.11 members and a median household income of $53,053. West Springfield has a 34% higher education rate. The unemployment rate in West Springfield is 5.6%.


Population
28,517 people

County
Hampden County

Renters

41.2% of West Springfield households are renters.


Rent Burden

31.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Hampden County 1
Massachusetts 2
National 2
Studio $798 $1,259 $737
1 bedroom $954 $1,399 $813
2 bedroom $1,209 $1,747 $1,015
3 bedroom $1,504 $2,190 $1,325
4 bedroom $1,764 $2,423 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Springfield Demographics


Median Individual Income
$30,795 / year

Median Household Income
$53,053 / year

Families w/ Dual Incomes
58%

Unemployment Rate
5.6%
Household Income Distribution
West Springfield, MA

Median Age
41 years

Avg Family Size
3.11 people
Age Distribution
West Springfield, MA

College Education or Above
34%

STEM College Graduates
36%
Education Distribution
West Springfield, MA
Source: U.S. Census Bureau

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