Maine: In the Spotlight
Maine, often known as the Pine Tree State, is home to roughly 1.3 million people. The state of Maine is the 42nd most populous state, and is also home to cities like Portland, which is the most populated city in the state with more than 66,000 residents. Augusta, the capital city of Maine, is another key location in the state, with more than 18,000 people calling the region home.
- Maine is the source of roughly 90% of the nation’s lobster supply.
- J. D. Irving is the largest employer in Maine, with over 15,000 employees.
- Agriculture, Fishing, and Ship Building are the largest industries in the state.
- The average household income is $57,918.
- The average age in Maine is 44 years old.
- Maine has over 522,000 employees across the state.
- The home ownership rate is just over 72%, which leaves around 28% of the residents looking for apartments and rental properties.
Maine Apartment Loan and Multifamily Property Facts
Maine is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- Maine is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Maine are 1.87% higher than the previous year.
- The average rent in Maine is $853.
The market for commercial real estate in Maine is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
Maine Apartment Loan and Lending Options
In the state of Maine, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Portland or a simple eight-unit property in an up-and-coming neighborhood of Auburn. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS Loans
- Apartment construction loans
- And more!
Finance Your Maine Apartment Building Now
The team at Apartment.loans specializes in commercial financing for all kinds of real estate and apartments in Maine and throughout the United States. We have solutions for commercial real estate, traditional apartment financing, value-add opportunities, and more. We can even help you with ground-up developments or just get you financed for a stabilized property so you can be on your way.
Our team of experts knows what it takes to get the loan funds that you need. Whether you’ve got a special investment in mind, or you have basic funding needs, let us know how we can help. We'll give you all of the tools and resources you need to take your Maine apartment loans to the next level. To learn more and start your investment journey, contact our Maine Apartment Lending Specialists at [email protected] or (800) 567-9631.
Apartment loans from $750,000 and up.