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Multifamily Loans in
Scotch Plains, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Scotch Plains, NJ

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

All major multifamily lender types are lending in Scotch Plains.


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


Scotch Plains Market

The city of Scotch Plains in Union County has a population of 24,205. The median rent in Union County for a 2 bedroom is $1,776. The median Scotch Plains resident is 44 years old with a yearly income of $55,441. The average family has 3.22 members and a median household income of $131,732. Scotch Plains has a 61% higher education rate. The unemployment rate in Scotch Plains is 4.9%.


Population
24,205 people

County
Union County

Renters

18% of Scotch Plains households are renters.


Rent Burden

33.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Scotch Plains Demographics


Median Individual Income
$55,441 / year

Median Household Income
$131,732 / year

Families w/ Dual Incomes
65%

Unemployment Rate
4.9%
Household Income Distribution
Scotch Plains, NJ

Median Age
44 years

Avg Family Size
3.22 people
Age Distribution
Scotch Plains, NJ

College Education or Above
61%

STEM College Graduates
49%
Education Distribution
Scotch Plains, NJ
Source: U.S. Census Bureau

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