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Multifamily Loans in
Woonsocket, RI

Overview

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

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Woonsocket, RI

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

All major multifamily lender types are lending in Woonsocket.


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


Woonsocket Market

The city of Woonsocket in Providence County has a population of 41,751. The median rent in Providence County for a 2 bedroom is $1,239. The median Woonsocket resident is 36 years old with a yearly income of $25,480. The average family has 3.19 members and a median household income of $42,595. Woonsocket has a 18% higher education rate. The unemployment rate in Woonsocket is 7.9%.


Population
41,751 people

County
Providence County

Renters

63.6% of Woonsocket households are renters.


Rent Burden

34.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Providence 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

Woonsocket Demographics


Median Individual Income
$25,480 / year

Median Household Income
$42,595 / year

Families w/ Dual Incomes
42%

Unemployment Rate
7.9%
Household Income Distribution
Woonsocket, RI

Median Age
36 years

Avg Family Size
3.19 people
Age Distribution
Woonsocket, RI

College Education or Above
18%

STEM College Graduates
40%
Education Distribution
Woonsocket, RI
Source: U.S. Census Bureau

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