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Multifamily Loans in
Gates, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Gates, NY

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

All major multifamily lender types are lending in Gates.


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


Gates Market

The city of Gates in Monroe County has a population of 28,398. The median rent in Monroe County for a 2 bedroom is $1,070. The median Gates resident is 43 years old with a yearly income of $32,118. The average family has 2.92 members and a median household income of $58,838. Gates has a 26% higher education rate. The unemployment rate in Gates is 3.9%.


Population
28,398 people

County
Monroe County

Renters

26.3% of Gates households are renters.


Rent Burden

27.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Monroe County 1
New York 2
National 2
Studio $742 $909 $737
1 bedroom $856 $990 $813
2 bedroom $1,070 $1,202 $1,015
3 bedroom $1,331 $1,537 $1,325
4 bedroom $1,451 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Gates Demographics


Median Individual Income
$32,118 / year

Median Household Income
$58,838 / year

Families w/ Dual Incomes
55%

Unemployment Rate
3.9%
Household Income Distribution
Gates, NY

Median Age
43 years

Avg Family Size
2.92 people
Age Distribution
Gates, NY

College Education or Above
26%

STEM College Graduates
40%
Education Distribution
Gates, NY
Source: U.S. Census Bureau

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