Lower is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Lower are considered greater risk due to market dynamics. Interest rates for multifamily loans in Lower are higher than the national average. Lower apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Lower.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lower are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.93% - 7.17% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Lower.
The city of Lower in Cape May County has a population of 21,653. The median rent in Cape May County for a 2 bedroom is $1,458. The median Lower resident is 49 years old with a yearly income of $31,609. The average family has 2.75 members and a median household income of $64,238. Lower has a 24% higher education rate. The unemployment rate in Lower is 6.6%.
18.4% of Lower households are renters.
43.3% median household income spent on rent.
Bedrooms |
Cape May County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $962 | $1,166 | $737 |
| 1 bedroom | $1,145 | $1,353 | $813 |
| 2 bedroom | $1,458 | $1,671 | $1,015 |
| 3 bedroom | $1,888 | $2,131 | $1,325 |
| 4 bedroom | $1,977 | $2,445 | $1,521 |
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