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Multifamily Loans in
Reading, PA

Overview

Reading is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Reading are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Reading are slightly higher than the national average. Reading apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Reading.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Reading, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Reading 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 $6M
5 Year Fixed 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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®
$6M to $100M
5 Year Fixed 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Reading 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 08, 2021


Multifamily Lenders in Reading, PA

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Reading.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 08, 2021


Reading Market

The city of Reading in Berks County has a population of 88,375. The median rent in Berks County for a 2 bedroom is $1,022. The median Reading resident is 30 years old with a yearly income of $18,025. The average family has 3.72 members and a median household income of $32,176. Reading has a 11% higher education rate. The unemployment rate in Reading is 12.9%.


Population
88,375 people

County
Berks County

Renters

60.6% of Reading households are renters.


Rent Burden

40.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Berks County 1
Pennsylvania 2
National 2
Studio $674 $680 $737
1 bedroom $796 $747 $813
2 bedroom $1,022 $929 $1,015
3 bedroom $1,271 $1,198 $1,325
4 bedroom $1,386 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Reading Demographics


Median Individual Income
$18,025 / year

Median Household Income
$32,176 / year

Families w/ Dual Incomes
45%

Unemployment Rate
12.9%
Household Income Distribution
Reading, PA

Median Age
30 years

Avg Family Size
3.72 people
Age Distribution
Reading, PA

College Education or Above
11%

STEM College Graduates
38%
Education Distribution
Reading, PA
Source: U.S. Census Bureau

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