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Multifamily Loans in
Elmont, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Elmont, NY

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

All major multifamily lender types are lending in Elmont.


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


Elmont Market

The city of Elmont in Nassau County has a population of 35,824. The median rent in Nassau County for a 2 bedroom is $2,190. The median Elmont resident is 39 years old with a yearly income of $37,782. The average family has 3.97 members and a median household income of $104,671. Elmont has a 29% higher education rate. The unemployment rate in Elmont is 5.4%.


Population
35,824 people

County
Nassau County

Renters

20.7% of Elmont households are renters.


Rent Burden

33.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Nassau 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

Elmont Demographics


Median Individual Income
$37,782 / year

Median Household Income
$104,671 / year

Families w/ Dual Incomes
71%

Unemployment Rate
5.4%
Household Income Distribution
Elmont, NY

Median Age
39 years

Avg Family Size
3.97 people
Age Distribution
Elmont, NY

College Education or Above
29%

STEM College Graduates
51%
Education Distribution
Elmont, NY
Source: U.S. Census Bureau

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