Torrington is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Torrington are considered greater risk due to market dynamics. Interest rates for multifamily loans in Torrington are higher than the national average. Torrington apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Torrington.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Torrington 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.33% - 5.57% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Torrington.
The city of Torrington in Litchfield County has a population of 34,044. The median rent in Litchfield County for a 2 bedroom is $1,306. The median Torrington resident is 45 years old with a yearly income of $32,509. The average family has 2.95 members and a median household income of $63,172. Torrington has a 23% higher education rate. The unemployment rate in Torrington is 6.0%.
32.9% of Torrington households are renters.
29.8% median household income spent on rent.
Bedrooms |
Litchfield County 1 |
Connecticut 2 |
National 2 |
|---|---|---|---|
| Studio | $862 | $974 | $737 |
| 1 bedroom | $1,015 | $1,155 | $813 |
| 2 bedroom | $1,306 | $1,442 | $1,015 |
| 3 bedroom | $1,629 | $1,820 | $1,325 |
| 4 bedroom | $1,771 | $2,144 | $1,521 |
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