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Multifamily Loans in
Millville, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Millville, NJ

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Millville 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.78% - 4.02%
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 3.15% - 3.40%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Millville 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 02, 2021


Multifamily Lenders in Millville, NJ

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


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 02, 2021


Millville Market

The city of Millville in Cumberland County has a population of 27,391. The median rent in Cumberland County for a 2 bedroom is $1,439. The median Millville resident is 41 years old with a yearly income of $28,242. The average family has 3.09 members and a median household income of $58,138. Millville has a 18% higher education rate. The unemployment rate in Millville is 8.9%.


Population
27,391 people

County
Cumberland County

Renters

35% of Millville households are renters.


Rent Burden

49.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cumberland County 1
New Jersey 2
National 2
Studio $988 $1,166 $737
1 bedroom $1,103 $1,353 $813
2 bedroom $1,439 $1,671 $1,015
3 bedroom $1,910 $2,131 $1,325
4 bedroom $2,219 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Millville Demographics


Median Individual Income
$28,242 / year

Median Household Income
$58,138 / year

Families w/ Dual Incomes
47%

Unemployment Rate
8.9%
Household Income Distribution
Millville, NJ

Median Age
41 years

Avg Family Size
3.09 people
Age Distribution
Millville, NJ

College Education or Above
18%

STEM College Graduates
37%
Education Distribution
Millville, NJ
Source: U.S. Census Bureau

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