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Multifamily Loans in
South Plainfield, NJ

Overview

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.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in South Plainfield, NJ

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 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 South Plainfield 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 South Plainfield, NJ

All major multifamily lender types are lending in South Plainfield.


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


South Plainfield Market

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%.


Population
24,052 people

County
Middlesex County

Renters

15.5% of South Plainfield households are renters.


Rent Burden

25.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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

South Plainfield Demographics


Median Individual Income
$41,462 / year

Median Household Income
$101,565 / year

Families w/ Dual Incomes
66%

Unemployment Rate
6.9%
Household Income Distribution
South Plainfield, NJ

Median Age
40 years

Avg Family Size
3.36 people
Age Distribution
South Plainfield, NJ

College Education or Above
35%

STEM College Graduates
50%
Education Distribution
South Plainfield, NJ
Source: U.S. Census Bureau

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