Loading...

Multifamily Loans in
Westerly, RI

Overview

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

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Westerly, RI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Westerly 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 Westerly 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 Westerly, RI

All major multifamily lender types are lending in Westerly.


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


Westerly Market

The city of Westerly in Washington County has a population of 22,544. The median rent in Washington County for a 2 bedroom is $1,239. The median Westerly resident is 47 years old with a yearly income of $32,912. The average family has 2.83 members and a median household income of $70,784. Westerly has a 35% higher education rate. The unemployment rate in Westerly is 7.5%.


Population
22,544 people

County
Washington County

Renters

36.4% of Westerly households are renters.


Rent Burden

32% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Washington 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

Westerly Demographics


Median Individual Income
$32,912 / year

Median Household Income
$70,784 / year

Families w/ Dual Incomes
59%

Unemployment Rate
7.5%
Household Income Distribution
Westerly, RI

Median Age
47 years

Avg Family Size
2.83 people
Age Distribution
Westerly, RI

College Education or Above
35%

STEM College Graduates
48%
Education Distribution
Westerly, RI
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day