Groton is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Groton are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Groton are slightly higher than the national average. Groton 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 Groton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Groton 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 Groton.
The city of Groton in New London County has a population of 38,825. The median rent in New London County for a 2 bedroom is $1,303. The median Groton resident is 34 years old with a yearly income of $32,014. The average family has 2.89 members and a median household income of $66,657. Groton has a 36% higher education rate. The unemployment rate in Groton is 6.4%.
51.5% of Groton households are renters.
29.9% median household income spent on rent.
Bedrooms |
New London County 1 |
Connecticut 2 |
National 2 |
|---|---|---|---|
| Studio | $860 | $974 | $737 |
| 1 bedroom | $1,036 | $1,155 | $813 |
| 2 bedroom | $1,303 | $1,442 | $1,015 |
| 3 bedroom | $1,682 | $1,820 | $1,325 |
| 4 bedroom | $2,152 | $2,144 | $1,521 |
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