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Multifamily Loans in
Coram, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Coram, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Coram 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 3.01% - 3.26%
7 Year Fixed 3.25% - 3.70%
10 Year Fixed 3.23% - 3.63%
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 Coram 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 Coram, NY

All major multifamily lender types are lending in Coram.


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


Coram Market

The city of Coram in Suffolk County has a population of 40,311. The median rent in Suffolk County for a 2 bedroom is $2,190. The median Coram resident is 41 years old with a yearly income of $42,953. The average family has 3.54 members and a median household income of $84,022. Coram has a 31% higher education rate. The unemployment rate in Coram is 3.4%.


Population
40,311 people

County
Suffolk County

Renters

31.2% of Coram households are renters.


Rent Burden

37.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Suffolk County 1
New York 2
National 2
Studio $1,445 $909 $737
1 bedroom $1,786 $990 $813
2 bedroom $2,190 $1,202 $1,015
3 bedroom $2,804 $1,537 $1,325
4 bedroom $3,116 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Coram Demographics


Median Individual Income
$42,953 / year

Median Household Income
$84,022 / year

Families w/ Dual Incomes
63%

Unemployment Rate
3.4%
Household Income Distribution
Coram, NY

Median Age
41 years

Avg Family Size
3.54 people
Age Distribution
Coram, NY

College Education or Above
31%

STEM College Graduates
47%
Education Distribution
Coram, NY
Source: U.S. Census Bureau

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