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Multifamily Loans in
New Canaan, CT

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in New Canaan, CT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Canaan 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 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 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 2.98% - 3.23%
7 Year Fixed 3.14% - 3.59%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in New Canaan 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 04, 2021


Multifamily Lenders in New Canaan, CT

All major multifamily lender types are lending in New Canaan.


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 04, 2021


New Canaan Market

The city of New Canaan in Fairfield County has a population of 20,276. The median rent in Fairfield County for a 2 bedroom is $1,557. The median New Canaan resident is 44 years old with a yearly income of $70,558. The average family has 3.33 members and a median household income of $190,227. New Canaan has a 80% higher education rate. The unemployment rate in New Canaan is 5.0%.


Population
20,276 people

County
Fairfield County

Renters

21.2% of New Canaan households are renters.


Rent Burden

38.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Fairfield County 1
Connecticut 2
National 2
Studio $1,027 $974 $737
1 bedroom $1,245 $1,155 $813
2 bedroom $1,557 $1,442 $1,015
3 bedroom $1,983 $1,820 $1,325
4 bedroom $2,387 $2,144 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New Canaan Demographics


Median Individual Income
$70,558 / year

Median Household Income
$190,227 / year

Families w/ Dual Incomes
48%

Unemployment Rate
5.0%
Household Income Distribution
New Canaan, CT

Median Age
44 years

Avg Family Size
3.33 people
Age Distribution
New Canaan, CT

College Education or Above
80%

STEM College Graduates
42%
Education Distribution
New Canaan, CT
Source: U.S. Census Bureau

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