Suffolk is located in a good market for 5+ unit multifamily loans. Multifamily loans in Suffolk are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Suffolk are competitive. Suffolk 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 Suffolk.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Suffolk 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 Suffolk.
The city of Suffolk in Suffolk city has a population of 92,108. The median rent in Suffolk city for a 2 bedroom is $1,233. The median Suffolk resident is 38 years old with a yearly income of $36,375. The average family has 3.12 members and a median household income of $74,884. Suffolk has a 30% higher education rate. The unemployment rate in Suffolk is 6.2%.
31.3% of Suffolk households are renters.
35.6% median household income spent on rent.
Bedrooms |
Suffolk city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,032 | $833 | $737 |
| 1 bedroom | $1,045 | $897 | $813 |
| 2 bedroom | $1,233 | $1,072 | $1,015 |
| 3 bedroom | $1,740 | $1,423 | $1,325 |
| 4 bedroom | $2,135 | $1,680 | $1,521 |
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