South Plainfield is located in a strong market for 5+ unit multifamily loans. Multifamily loans in South Plainfield are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in South Plainfield are some of the lowest nationally. South 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 South Plainfield.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in South Plainfield are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.74% - 7.48% |
| 7 Year Fixed | 6.70% - 7.21% |
| 10 Year Fixed | 6.71% - 7.11% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.97% - 7.21% |
| 7 Year Fixed | 6.93% - 7.17% |
| 10 Year Fixed | 6.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.54% - 7.28% |
| 7 Year Fixed | 6.50% - 7.01% |
| 10 Year Fixed | 6.51% - 6.91% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in South Plainfield.
The city of South Plainfield in Middlesex County has a population of 24,052. The median rent in Middlesex County for a 2 bedroom is $1,888. The median South Plainfield resident is 40 years old with a yearly income of $41,462. The average family has 3.36 members and a median household income of $101,565. South Plainfield has a 35% higher education rate. The unemployment rate in South Plainfield is 6.9%.
15.5% of South Plainfield households are renters.
25.1% median household income spent on rent.
Bedrooms |
Middlesex County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,297 | $1,166 | $737 |
| 1 bedroom | $1,477 | $1,353 | $813 |
| 2 bedroom | $1,888 | $1,671 | $1,015 |
| 3 bedroom | $2,356 | $2,131 | $1,325 |
| 4 bedroom | $2,683 | $2,445 | $1,521 |
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