Bellingham is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Bellingham are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Bellingham are slightly higher than the national average. Bellingham 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 Bellingham.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Bellingham are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.53% - 5.77% |
| 7 Year Fixed | 5.17% - 5.41% |
| 10 Year Fixed | 5.18% - 5.42% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Bellingham.
The city of Bellingham in Whatcom County has a population of 92,314. The median rent in Whatcom County for a 2 bedroom is $1,306. The median Bellingham resident is 32 years old with a yearly income of $25,828. The average family has 2.88 members and a median household income of $53,396. Bellingham has a 44% higher education rate. The unemployment rate in Bellingham is 6.2%.
54.6% of Bellingham households are renters.
35.2% median household income spent on rent.
Bedrooms |
Whatcom County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $951 | $801 | $737 |
| 1 bedroom | $1,020 | $904 | $813 |
| 2 bedroom | $1,306 | $1,138 | $1,015 |
| 3 bedroom | $1,869 | $1,591 | $1,325 |
| 4 bedroom | $2,261 | $1,874 | $1,521 |
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