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Multifamily Loans in
Carteret, NJ

Overview

Carteret is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Carteret are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Carteret are some of the lowest nationally. Carteret 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 Carteret.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Carteret, NJ

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Carteret 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 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.38% - 3.62%
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 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Carteret 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 Dec 02, 2021


Multifamily Lenders in Carteret, NJ

All major multifamily lender types are lending in Carteret.


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 Dec 02, 2021


Carteret Market

The city of Carteret in Middlesex County has a population of 23,408. The median rent in Middlesex County for a 2 bedroom is $1,888. The median Carteret resident is 37 years old with a yearly income of $30,707. The average family has 3.56 members and a median household income of $73,347. Carteret has a 24% higher education rate. The unemployment rate in Carteret is 5.7%.


Population
23,408 people

County
Middlesex County

Renters

42.3% of Carteret households are renters.


Rent Burden

33% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Middlesex County 1
New Jersey 2
National 2
Studio $1,297 $1,166 $737
1 bedroom $1,477 $1,353 $813
2 bedroom $1,888 $1,671 $1,015
3 bedroom $2,356 $2,131 $1,325
4 bedroom $2,683 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Carteret Demographics


Median Individual Income
$30,707 / year

Median Household Income
$73,347 / year

Families w/ Dual Incomes
58%

Unemployment Rate
5.7%
Household Income Distribution
Carteret, NJ

Median Age
37 years

Avg Family Size
3.56 people
Age Distribution
Carteret, NJ

College Education or Above
24%

STEM College Graduates
43%
Education Distribution
Carteret, NJ
Source: U.S. Census Bureau

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