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Multifamily Loans in
Paterson, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Paterson, NJ

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

All major multifamily lender types are lending in Paterson.


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


Paterson Market

The city of Paterson in Passaic County has a population of 145,233. The median rent in Passaic County for a 2 bedroom is $1,892. The median Paterson resident is 34 years old with a yearly income of $22,866. The average family has 3.78 members and a median household income of $41,360. Paterson has a 11% higher education rate. The unemployment rate in Paterson is 4.8%.


Population
145,233 people

County
Passaic County

Renters

73.9% of Paterson households are renters.


Rent Burden

43.6% 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

Paterson Demographics


Median Individual Income
$22,866 / year

Median Household Income
$41,360 / year

Families w/ Dual Incomes
47%

Unemployment Rate
4.8%
Household Income Distribution
Paterson, NJ

Median Age
34 years

Avg Family Size
3.78 people
Age Distribution
Paterson, NJ

College Education or Above
11%

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

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