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Multifamily Loans in
Summit, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Summit, NJ

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

All major multifamily lender types are lending in Summit.


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


Summit Market

The city of Summit in Union County has a population of 21,897. The median rent in Union County for a 2 bedroom is $1,776. The median Summit resident is 40 years old with a yearly income of $61,415. The average family has 3.35 members and a median household income of $157,835. Summit has a 71% higher education rate. The unemployment rate in Summit is 5.5%.


Population
21,897 people

County
Union County

Renters

30.1% of Summit households are renters.


Rent Burden

25.2% 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

Summit Demographics


Median Individual Income
$61,415 / year

Median Household Income
$157,835 / year

Families w/ Dual Incomes
59%

Unemployment Rate
5.5%
Household Income Distribution
Summit, NJ

Median Age
40 years

Avg Family Size
3.35 people
Age Distribution
Summit, NJ

College Education or Above
71%

STEM College Graduates
47%
Education Distribution
Summit, NJ
Source: U.S. Census Bureau

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