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Multifamily Loans in
Garfield, NJ

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Garfield, NJ

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

All major multifamily lender types are lending in Garfield.


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


Garfield Market

The city of Garfield in Bergen County has a population of 31,802. The median rent in Bergen County for a 2 bedroom is $1,892. The median Garfield resident is 37 years old with a yearly income of $33,717. The average family has 3.26 members and a median household income of $62,939. Garfield has a 20% higher education rate. The unemployment rate in Garfield is 3.3%.


Population
31,802 people

County
Bergen County

Renters

59.5% of Garfield households are renters.


Rent Burden

32.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Bergen County 1
New Jersey 2
National 2
Studio $1,341 $1,166 $737
1 bedroom $1,608 $1,353 $813
2 bedroom $1,892 $1,671 $1,015
3 bedroom $2,353 $2,131 $1,325
4 bedroom $2,915 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Garfield Demographics


Median Individual Income
$33,717 / year

Median Household Income
$62,939 / year

Families w/ Dual Incomes
52%

Unemployment Rate
3.3%
Household Income Distribution
Garfield, NJ

Median Age
37 years

Avg Family Size
3.26 people
Age Distribution
Garfield, NJ

College Education or Above
20%

STEM College Graduates
41%
Education Distribution
Garfield, NJ
Source: U.S. Census Bureau

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