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Multifamily Loans in
North Plainfield, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in North Plainfield, NJ

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Plainfield 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 North Plainfield 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 North Plainfield, NJ

All major multifamily lender types are lending in North Plainfield.


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


North Plainfield Market

The city of North Plainfield in Somerset County has a population of 21,289. The median rent in Somerset County for a 2 bedroom is $1,888. The median North Plainfield resident is 37 years old with a yearly income of $33,201. The average family has 3.66 members and a median household income of $69,566. North Plainfield has a 26% higher education rate. The unemployment rate in North Plainfield is 6.4%.


Population
21,289 people

County
Somerset County

Renters

45.7% of North Plainfield households are renters.


Rent Burden

35.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Somerset County 1
New Jersey 2
National 2
Studio $1,297 $1,166 $737
1 bedroom $1,477 $1,353 $813
2 bedroom $1,888 $1,671 $1,015
3 bedroom $2,356 $2,131 $1,325
4 bedroom $2,683 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

North Plainfield Demographics


Median Individual Income
$33,201 / year

Median Household Income
$69,566 / year

Families w/ Dual Incomes
68%

Unemployment Rate
6.4%
Household Income Distribution
North Plainfield, NJ

Median Age
37 years

Avg Family Size
3.66 people
Age Distribution
North Plainfield, NJ

College Education or Above
26%

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

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