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Multifamily Loans in
Palm Tree, NY

Overview

Palm Tree is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Palm Tree are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Palm Tree are slightly higher than the national average. Palm Tree apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Palm Tree.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Palm Tree, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palm Tree 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 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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 3.11% - 3.36%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Palm Tree 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 Nov 29, 2021


Multifamily Lenders in Palm Tree, NY

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


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 Nov 29, 2021


Palm Tree Market

The city of Palm Tree in Orange County has a population of 24,666. The median rent in Orange County for a 2 bedroom is $1,575. The median Palm Tree resident is 14 years old with a yearly income of $22,357. The average family has 5.94 members and a median household income of $31,203. Palm Tree has a 6% higher education rate. The unemployment rate in Palm Tree is 4.5%.


Population
24,666 people

County
Orange County

Renters

71.7% of Palm Tree households are renters.


Rent Burden

57.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Orange County 1
New York 2
National 2
Studio $1,169 $909 $737
1 bedroom $1,246 $990 $813
2 bedroom $1,575 $1,202 $1,015
3 bedroom $2,005 $1,537 $1,325
4 bedroom $2,251 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Palm Tree Demographics


Median Individual Income
$22,357 / year

Median Household Income
$31,203 / year

Families w/ Dual Incomes
25%

Unemployment Rate
4.5%
Household Income Distribution
Palm Tree, NY

Median Age
14 years

Avg Family Size
5.94 people
Age Distribution
Palm Tree, NY

College Education or Above
6%

STEM College Graduates
8%
Education Distribution
Palm Tree, NY
Source: U.S. Census Bureau

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