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Multifamily Loans in
Penfield, NY

Overview

Penfield is located in a good market for 5+ unit multifamily loans. Multifamily loans in Penfield are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Penfield are competitive. Penfield 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 Penfield.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Penfield, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Penfield 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 $7.5M
5 Year Fixed 3.42% - 3.66%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.52% - 3.76%
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®
$7.5M to $100M
5 Year Fixed 3.06% - 3.31%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.28% - 3.68%
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 Penfield 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 Penfield, NY

All major multifamily lender types are lending in Penfield.


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 Nov 29, 2021


Penfield Market

The city of Penfield in Monroe County has a population of 37,252. The median rent in Monroe County for a 2 bedroom is $1,070. The median Penfield resident is 47 years old with a yearly income of $42,759. The average family has 2.93 members and a median household income of $84,916. Penfield has a 53% higher education rate. The unemployment rate in Penfield is 2.8%.


Population
37,252 people

County
Monroe County

Renters

17.2% of Penfield households are renters.


Rent Burden

26.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Monroe County 1
New York 2
National 2
Studio $742 $909 $737
1 bedroom $856 $990 $813
2 bedroom $1,070 $1,202 $1,015
3 bedroom $1,331 $1,537 $1,325
4 bedroom $1,451 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Penfield Demographics


Median Individual Income
$42,759 / year

Median Household Income
$84,916 / year

Families w/ Dual Incomes
59%

Unemployment Rate
2.8%
Household Income Distribution
Penfield, NY

Median Age
47 years

Avg Family Size
2.93 people
Age Distribution
Penfield, NY

College Education or Above
53%

STEM College Graduates
48%
Education Distribution
Penfield, NY
Source: U.S. Census Bureau

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