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Multifamily Loans in
Lancaster, PA

Overview

Lancaster is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Lancaster are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Lancaster are slightly higher than the national average. Lancaster 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 Lancaster.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Lancaster, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lancaster 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 $6M
5 Year Fixed 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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®
$6M to $100M
5 Year Fixed 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Lancaster 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 Dec 08, 2021


Multifamily Lenders in Lancaster, PA

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lancaster.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 08, 2021


Lancaster Market

The city of Lancaster in Lancaster County has a population of 59,265. The median rent in Lancaster County for a 2 bedroom is $1,090. The median Lancaster resident is 32 years old with a yearly income of $22,153. The average family has 3.24 members and a median household income of $45,514. Lancaster has a 23% higher education rate. The unemployment rate in Lancaster is 7.2%.


Population
59,265 people

County
Lancaster County

Renters

56.6% of Lancaster households are renters.


Rent Burden

33.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lancaster County 1
Pennsylvania 2
National 2
Studio $733 $680 $737
1 bedroom $867 $747 $813
2 bedroom $1,090 $929 $1,015
3 bedroom $1,374 $1,198 $1,325
4 bedroom $1,478 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Lancaster Demographics


Median Individual Income
$22,153 / year

Median Household Income
$45,514 / year

Families w/ Dual Incomes
53%

Unemployment Rate
7.2%
Household Income Distribution
Lancaster, PA

Median Age
32 years

Avg Family Size
3.24 people
Age Distribution
Lancaster, PA

College Education or Above
23%

STEM College Graduates
37%
Education Distribution
Lancaster, PA
Source: U.S. Census Bureau

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