Mechanicsville is located in a good market for 5+ unit multifamily loans. Multifamily loans in Mechanicsville are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Mechanicsville are competitive. Mechanicsville 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 Mechanicsville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mechanicsville 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.28% - 5.52% |
| 10 Year Fixed | 5.19% - 5.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Mechanicsville.
The city of Mechanicsville in Hanover County has a population of 37,496. The median rent in Hanover County for a 2 bedroom is $1,252. The median Mechanicsville resident is 43 years old with a yearly income of $39,064. The average family has 3.06 members and a median household income of $79,692. Mechanicsville has a 36% higher education rate. The unemployment rate in Mechanicsville is 2.0%.
22.5% of Mechanicsville households are renters.
26.8% median household income spent on rent.
Bedrooms |
Hanover County 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,069 | $833 | $737 |
| 1 bedroom | $1,098 | $897 | $813 |
| 2 bedroom | $1,252 | $1,072 | $1,015 |
| 3 bedroom | $1,655 | $1,423 | $1,325 |
| 4 bedroom | $1,981 | $1,680 | $1,521 |
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