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Multifamily Loans in
Cheektowaga, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Cheektowaga, NY

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

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
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 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
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 Cheektowaga 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 Cheektowaga, NY

All major multifamily lender types are lending in Cheektowaga.


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


Cheektowaga Market

The city of Cheektowaga in Erie County has a population of 86,477. The median rent in Erie County for a 2 bedroom is $982. The median Cheektowaga resident is 41 years old with a yearly income of $31,617. The average family has 2.84 members and a median household income of $54,191. Cheektowaga has a 23% higher education rate. The unemployment rate in Cheektowaga is 3.6%.


Population
86,477 people

County
Erie County

Renters

30.5% of Cheektowaga households are renters.


Rent Burden

28.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Erie County 1
New York 2
National 2
Studio $794 $909 $737
1 bedroom $824 $990 $813
2 bedroom $982 $1,202 $1,015
3 bedroom $1,221 $1,537 $1,325
4 bedroom $1,370 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Cheektowaga Demographics


Median Individual Income
$31,617 / year

Median Household Income
$54,191 / year

Families w/ Dual Incomes
51%

Unemployment Rate
3.6%
Household Income Distribution
Cheektowaga, NY

Median Age
41 years

Avg Family Size
2.84 people
Age Distribution
Cheektowaga, NY

College Education or Above
23%

STEM College Graduates
39%
Education Distribution
Cheektowaga, NY
Source: U.S. Census Bureau

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