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Multifamily Loans in
Carmel, NY

Overview

Carmel is located in a good market for 5+ unit multifamily loans. Multifamily loans in Carmel are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Carmel are competitive. Carmel 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 Carmel.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Carmel, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Carmel are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.24%
7 Year Fixed 3.48% - 4.18%
10 Year Fixed 3.59% - 4.29%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.42% - 3.66%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.52% - 3.76%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.14% - 3.84%
7 Year Fixed 3.08% - 3.78%
10 Year Fixed 3.19% - 3.89%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.06% - 3.31%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.28% - 3.68%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Carmel may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Lenders in Carmel, NY

All major multifamily lender types are lending in Carmel.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Nov 29, 2021


Carmel Market

The city of Carmel in Putnam County has a population of 34,210. The median rent in Putnam County for a 2 bedroom is $2,263. The median Carmel resident is 44 years old with a yearly income of $42,726. The average family has 3.29 members and a median household income of $104,016. Carmel has a 37% higher education rate. The unemployment rate in Carmel is 5.3%.


Population
34,210 people

County
Putnam County

Renters

19.7% of Carmel households are renters.


Rent Burden

31% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Putnam County 1
New York 2
National 2
Studio $1,940 $909 $737
1 bedroom $1,985 $990 $813
2 bedroom $2,263 $1,202 $1,015
3 bedroom $2,864 $1,537 $1,325
4 bedroom $3,069 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Carmel Demographics


Median Individual Income
$42,726 / year

Median Household Income
$104,016 / year

Families w/ Dual Incomes
62%

Unemployment Rate
5.3%
Household Income Distribution
Carmel, NY

Median Age
44 years

Avg Family Size
3.29 people
Age Distribution
Carmel, NY

College Education or Above
37%

STEM College Graduates
35%
Education Distribution
Carmel, NY
Source: U.S. Census Bureau

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