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Multifamily Loans in
Clarence, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Clarence, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Clarence 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 Clarence 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 Clarence, NY

All major multifamily lender types are lending in Clarence.


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


Clarence Market

The city of Clarence in Erie County has a population of 32,440. The median rent in Erie County for a 2 bedroom is $982. The median Clarence resident is 46 years old with a yearly income of $47,407. The average family has 3.13 members and a median household income of $101,831. Clarence has a 54% higher education rate. The unemployment rate in Clarence is 3.1%.


Population
32,440 people

County
Erie County

Renters

15.1% of Clarence households are renters.


Rent Burden

30.2% 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

Clarence Demographics


Median Individual Income
$47,407 / year

Median Household Income
$101,831 / year

Families w/ Dual Incomes
64%

Unemployment Rate
3.1%
Household Income Distribution
Clarence, NY

Median Age
46 years

Avg Family Size
3.13 people
Age Distribution
Clarence, NY

College Education or Above
54%

STEM College Graduates
43%
Education Distribution
Clarence, NY
Source: U.S. Census Bureau

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