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Multifamily Loans in
New Castle, PA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in New Castle, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Castle 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 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
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 New Castle 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 New Castle, PA

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


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


New Castle Market

The city of New Castle in Lawrence County has a population of 21,618. The median rent in Lawrence County for a 2 bedroom is $834. The median New Castle resident is 41 years old with a yearly income of $20,270. The average family has 2.81 members and a median household income of $34,133. New Castle has a 15% higher education rate. The unemployment rate in New Castle is 10.9%.


Population
21,618 people

County
Lawrence County

Renters

43.7% of New Castle households are renters.


Rent Burden

39.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lawrence County 1
Pennsylvania 2
National 2
Studio $550 $680 $737
1 bedroom $633 $747 $813
2 bedroom $834 $929 $1,015
3 bedroom $1,041 $1,198 $1,325
4 bedroom $1,218 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

New Castle Demographics


Median Individual Income
$20,270 / year

Median Household Income
$34,133 / year

Families w/ Dual Incomes
42%

Unemployment Rate
10.9%
Household Income Distribution
New Castle, PA

Median Age
41 years

Avg Family Size
2.81 people
Age Distribution
New Castle, PA

College Education or Above
15%

STEM College Graduates
32%
Education Distribution
New Castle, PA
Source: U.S. Census Bureau

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