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Multifamily Loans in
Union, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Union, NJ

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

All major multifamily lender types are lending in Union.


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


Union Market

The city of Union in Union County has a population of 58,297. The median rent in Union County for a 2 bedroom is $1,776. The median Union resident is 42 years old with a yearly income of $41,403. The average family has 3.31 members and a median household income of $88,496. Union has a 35% higher education rate. The unemployment rate in Union is 5.2%.


Population
58,297 people

County
Union County

Renters

25.8% of Union households are renters.


Rent Burden

30.9% 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

Union Demographics


Median Individual Income
$41,403 / year

Median Household Income
$88,496 / year

Families w/ Dual Incomes
63%

Unemployment Rate
5.2%
Household Income Distribution
Union, NJ

Median Age
42 years

Avg Family Size
3.31 people
Age Distribution
Union, NJ

College Education or Above
35%

STEM College Graduates
45%
Education Distribution
Union, NJ
Source: U.S. Census Bureau

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