Norwich is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Norwich are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Norwich are slightly higher than the national average. Norwich 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 Norwich.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Norwich 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 Norwich.
The city of Norwich in New London County has a population of 38,768. The median rent in New London County for a 2 bedroom is $1,303. The median Norwich resident is 38 years old with a yearly income of $28,908. The average family has 3 members and a median household income of $57,052. Norwich has a 21% higher education rate. The unemployment rate in Norwich is 7.0%.
48.4% of Norwich households are renters.
33.6% 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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