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Multifamily Loans in
Morris, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Morris, NJ

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Morris 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 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
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 Morris 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 Morris, NJ

All major multifamily lender types are lending in Morris.


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 Dec 02, 2021


Morris Market

The city of Morris in Morris County has a population of 22,268. The median rent in Morris County for a 2 bedroom is $1,776. The median Morris resident is 46 years old with a yearly income of $64,498. The average family has 3.01 members and a median household income of $151,776. Morris has a 68% higher education rate. The unemployment rate in Morris is 4.1%.


Population
22,268 people

County
Morris County

Renters

17% of Morris households are renters.


Rent Burden

32.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Morris County 1
New Jersey 2
National 2
Studio $1,221 $1,166 $737
1 bedroom $1,468 $1,353 $813
2 bedroom $1,776 $1,671 $1,015
3 bedroom $2,265 $2,131 $1,325
4 bedroom $2,700 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Morris Demographics


Median Individual Income
$64,498 / year

Median Household Income
$151,776 / year

Families w/ Dual Incomes
58%

Unemployment Rate
4.1%
Household Income Distribution
Morris, NJ

Median Age
46 years

Avg Family Size
3.01 people
Age Distribution
Morris, NJ

College Education or Above
68%

STEM College Graduates
42%
Education Distribution
Morris, NJ
Source: U.S. Census Bureau

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