Biddeford is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Biddeford are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Biddeford are slightly higher than the national average. Biddeford 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 Biddeford.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Biddeford 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.34% - 5.58% |
| 10 Year Fixed | 5.28% - 5.52% |
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 Biddeford.
The city of Biddeford in York County has a population of 21,504. The median rent in York County for a 2 bedroom is $1,678. The median Biddeford resident is 38 years old with a yearly income of $27,103. The average family has 2.67 members and a median household income of $53,120. Biddeford has a 28% higher education rate. The unemployment rate in Biddeford is 4.4%.
51.7% of Biddeford households are renters.
29% median household income spent on rent.
Bedrooms |
York County 1 |
Maine 2 |
National 2 |
|---|---|---|---|
| Studio | $1,147 | $700 | $737 |
| 1 bedroom | $1,295 | $761 | $813 |
| 2 bedroom | $1,678 | $956 | $1,015 |
| 3 bedroom | $2,172 | $1,232 | $1,325 |
| 4 bedroom | $2,654 | $1,424 | $1,521 |
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