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Multifamily Loans in
Passaic, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Passaic, NJ

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

All major multifamily lender types are lending in Passaic.


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


Passaic Market

The city of Passaic in Passaic County has a population of 69,703. The median rent in Passaic County for a 2 bedroom is $1,892. The median Passaic resident is 30 years old with a yearly income of $22,668. The average family has 4.11 members and a median household income of $40,865. Passaic has a 16% higher education rate. The unemployment rate in Passaic is 5.3%.


Population
69,703 people

County
Passaic County

Renters

77.7% of Passaic households are renters.


Rent Burden

44.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Passaic County 1
New Jersey 2
National 2
Studio $1,341 $1,166 $737
1 bedroom $1,608 $1,353 $813
2 bedroom $1,892 $1,671 $1,015
3 bedroom $2,353 $2,131 $1,325
4 bedroom $2,915 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Passaic Demographics


Median Individual Income
$22,668 / year

Median Household Income
$40,865 / year

Families w/ Dual Incomes
47%

Unemployment Rate
5.3%
Household Income Distribution
Passaic, NJ

Median Age
30 years

Avg Family Size
4.11 people
Age Distribution
Passaic, NJ

College Education or Above
16%

STEM College Graduates
45%
Education Distribution
Passaic, NJ
Source: U.S. Census Bureau

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