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Multifamily Loans in
Westfield, MA

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Westfield, MA

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

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


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


Westfield Market

The city of Westfield in Hampden County has a population of 41,204. The median rent in Hampden County for a 2 bedroom is $1,209. The median Westfield resident is 40 years old with a yearly income of $30,742. The average family has 3.07 members and a median household income of $67,862. Westfield has a 32% higher education rate. The unemployment rate in Westfield is 4.3%.


Population
41,204 people

County
Hampden County

Renters

32.9% of Westfield households are renters.


Rent Burden

31.6% 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

Westfield Demographics


Median Individual Income
$30,742 / year

Median Household Income
$67,862 / year

Families w/ Dual Incomes
54%

Unemployment Rate
4.3%
Household Income Distribution
Westfield, MA

Median Age
40 years

Avg Family Size
3.07 people
Age Distribution
Westfield, MA

College Education or Above
32%

STEM College Graduates
41%
Education Distribution
Westfield, MA
Source: U.S. Census Bureau

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