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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Westerly are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.68% - 6.92% |
| 10 Year Fixed | 6.64% - 6.88% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Westerly.
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%.
36.4% of Westerly households are renters.
32% median household income spent on rent.
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 |
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