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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Paterson are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.42% - 5.66% |
| 7 Year Fixed | 5.48% - 5.72% |
| 10 Year Fixed | 5.34% - 5.58% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Paterson.
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%.
73.9% of Paterson households are renters.
43.6% median household income spent on rent.
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 |
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