Plainfield is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Plainfield are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Plainfield are some of the lowest nationally. Plainfield 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 Plainfield.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Plainfield are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.38% - 7.12% |
| 7 Year Fixed | 6.40% - 6.91% |
| 10 Year Fixed | 6.45% - 6.85% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.32% - 6.56% |
| 7 Year Fixed | 6.43% - 6.67% |
| 10 Year Fixed | 6.39% - 6.63% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.18% - 6.92% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.25% - 6.65% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.44% - 5.54% |
| 7 Year Fixed | 5.49% - 5.59% |
| 10 Year Fixed | 5.47% - 5.57% |
All major multifamily lender types are lending in Plainfield.
The city of Plainfield in Union County has a population of 50,317. The median rent in Union County for a 2 bedroom is $1,776. The median Plainfield resident is 35 years old with a yearly income of $26,583. The average family has 3.63 members and a median household income of $56,339. Plainfield has a 20% higher education rate. The unemployment rate in Plainfield is 7.9%.
55.8% of Plainfield households are renters.
41.2% median household income spent on rent.
Bedrooms |
Union County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,221 | $1,166 | $737 |
| 1 bedroom | $1,468 | $1,353 | $813 |
| 2 bedroom | $1,776 | $1,671 | $1,015 |
| 3 bedroom | $2,265 | $2,131 | $1,325 |
| 4 bedroom | $2,700 | $2,445 | $1,521 |
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