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Multifamily Loans in
West Warwick, RI

Overview

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

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in West Warwick, RI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Warwick are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.19%
7 Year Fixed 3.42% - 4.00%
10 Year Fixed 3.46% - 3.95%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.34% - 3.58%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.64% - 3.88%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.24% - 3.74%
7 Year Fixed 3.12% - 3.70%
10 Year Fixed 3.16% - 3.65%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.51% - 4.01%
7 Year Fixed 3.64% - 4.34%
10 Year Fixed 3.58% - 4.23%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 01/28/2022. This is not an offer or commitment to lend. Multifamily loan rates in West Warwick 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 Jan 29, 2022


Multifamily Lenders in West Warwick, RI

All major multifamily lender types are lending in West Warwick.


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 Jan 29, 2022


West Warwick Market

The city of West Warwick in Kent County has a population of 28,944. The median rent in Kent County for a 2 bedroom is $1,239. The median West Warwick resident is 39 years old with a yearly income of $32,307. The average family has 2.94 members and a median household income of $55,927. West Warwick has a 23% higher education rate. The unemployment rate in West Warwick is 4.5%.


Population
28,944 people

County
Kent County

Renters

46% of West Warwick households are renters.


Rent Burden

31% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kent County 1
Rhode Island 2
National 2
Studio $915 $936 $737
1 bedroom $1,030 $1,044 $813
2 bedroom $1,239 $1,270 $1,015
3 bedroom $1,541 $1,615 $1,325
4 bedroom $1,850 $1,932 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Warwick Demographics


Median Individual Income
$32,307 / year

Median Household Income
$55,927 / year

Families w/ Dual Incomes
57%

Unemployment Rate
4.5%
Household Income Distribution
West Warwick, RI

Median Age
39 years

Avg Family Size
2.94 people
Age Distribution
West Warwick, RI

College Education or Above
23%

STEM College Graduates
43%
Education Distribution
West Warwick, RI
Source: U.S. Census Bureau

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