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Multifamily Loans in
Worcester, MA

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Worcester, MA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Worcester 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 $7.5M
5 Year Fixed 3.42% - 3.66%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.52% - 3.76%
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®
$7.5M to $100M
5 Year Fixed 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
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 Worcester 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 Worcester, MA

All major multifamily lender types are lending in Worcester.


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 Nov 26, 2021


Worcester Market

The city of Worcester in Worcester County has a population of 185,428. The median rent in Worcester County for a 2 bedroom is $1,552. The median Worcester resident is 35 years old with a yearly income of $26,671. The average family has 3.21 members and a median household income of $48,139. Worcester has a 30% higher education rate. The unemployment rate in Worcester is 5.6%.


Population
185,428 people

County
Worcester County

Renters

58.7% of Worcester households are renters.


Rent Burden

39.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Worcester County 1
Massachusetts 2
National 2
Studio $1,138 $1,259 $737
1 bedroom $1,214 $1,399 $813
2 bedroom $1,552 $1,747 $1,015
3 bedroom $1,930 $2,190 $1,325
4 bedroom $2,105 $2,423 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Worcester Demographics


Median Individual Income
$26,671 / year

Median Household Income
$48,139 / year

Families w/ Dual Incomes
51%

Unemployment Rate
5.6%
Household Income Distribution
Worcester, MA

Median Age
35 years

Avg Family Size
3.21 people
Age Distribution
Worcester, MA

College Education or Above
30%

STEM College Graduates
50%
Education Distribution
Worcester, MA
Source: U.S. Census Bureau

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