Spring is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Spring are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Spring are slightly higher than the national average. Spring 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 Spring.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Spring 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 Spring.
The city of Spring in Berks County has a population of 27,568. The median rent in Berks County for a 2 bedroom is $1,022. The median Spring resident is 41 years old with a yearly income of $36,917. The average family has 3.03 members and a median household income of $78,363. Spring has a 36% higher education rate. The unemployment rate in Spring is 4.1%.
22.5% of Spring households are renters.
30.9% median household income spent on rent.
Bedrooms |
Berks County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $674 | $680 | $737 |
| 1 bedroom | $796 | $747 | $813 |
| 2 bedroom | $1,022 | $929 | $1,015 |
| 3 bedroom | $1,271 | $1,198 | $1,325 |
| 4 bedroom | $1,386 | $1,330 | $1,521 |
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