Galloway is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Galloway are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Galloway are slightly higher than the national average. Galloway apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Galloway.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Galloway are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.63% - 5.87% |
| 7 Year Fixed | 5.34% - 5.58% |
| 10 Year Fixed | 5.28% - 5.52% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Galloway.
The city of Galloway in Atlantic County has a population of 36,094. The median rent in Atlantic County for a 2 bedroom is $1,509. The median Galloway resident is 41 years old with a yearly income of $30,561. The average family has 3.14 members and a median household income of $74,196. Galloway has a 31% higher education rate. The unemployment rate in Galloway is 6.9%.
23.7% of Galloway households are renters.
31.8% median household income spent on rent.
Bedrooms |
Atlantic County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,012 | $1,166 | $737 |
| 1 bedroom | $1,194 | $1,353 | $813 |
| 2 bedroom | $1,509 | $1,671 | $1,015 |
| 3 bedroom | $2,067 | $2,131 | $1,325 |
| 4 bedroom | $2,302 | $2,445 | $1,521 |
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