Westfield is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Westfield are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Westfield are slightly higher than the national average. Westfield 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 Westfield.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Westfield 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 Westfield.
The city of Westfield in Hampden County has a population of 41,204. The median rent in Hampden County for a 2 bedroom is $1,209. The median Westfield resident is 40 years old with a yearly income of $30,742. The average family has 3.07 members and a median household income of $67,862. Westfield has a 32% higher education rate. The unemployment rate in Westfield is 4.3%.
32.9% of Westfield households are renters.
31.6% median household income spent on rent.
Bedrooms |
Hampden County 1 |
Massachusetts 2 |
National 2 |
|---|---|---|---|
| Studio | $798 | $1,259 | $737 |
| 1 bedroom | $954 | $1,399 | $813 |
| 2 bedroom | $1,209 | $1,747 | $1,015 |
| 3 bedroom | $1,504 | $2,190 | $1,325 |
| 4 bedroom | $1,764 | $2,423 | $1,521 |
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