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Multifamily Loans in
West Seneca, NY

Overview

West Seneca is located in a good market for 5+ unit multifamily loans. Multifamily loans in West Seneca are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in West Seneca are competitive. West Seneca 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 West Seneca.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in West Seneca, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Seneca are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.42% - 3.66%
7 Year Fixed 3.33% - 3.57%
10 Year Fixed 3.52% - 3.76%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.06% - 3.31%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.28% - 3.68%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in West Seneca 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 Nov 29, 2021


Multifamily Lenders in West Seneca, NY

All major multifamily lender types are lending in West Seneca.


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 Nov 29, 2021


West Seneca Market

The city of West Seneca in Erie County has a population of 45,344. The median rent in Erie County for a 2 bedroom is $982. The median West Seneca resident is 46 years old with a yearly income of $35,944. The average family has 2.91 members and a median household income of $67,617. West Seneca has a 30% higher education rate. The unemployment rate in West Seneca is 3.1%.


Population
45,344 people

County
Erie County

Renters

24% of West Seneca households are renters.


Rent Burden

27.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Erie County 1
New York 2
National 2
Studio $794 $909 $737
1 bedroom $824 $990 $813
2 bedroom $982 $1,202 $1,015
3 bedroom $1,221 $1,537 $1,325
4 bedroom $1,370 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Seneca Demographics


Median Individual Income
$35,944 / year

Median Household Income
$67,617 / year

Families w/ Dual Incomes
56%

Unemployment Rate
3.1%
Household Income Distribution
West Seneca, NY

Median Age
46 years

Avg Family Size
2.91 people
Age Distribution
West Seneca, NY

College Education or Above
30%

STEM College Graduates
40%
Education Distribution
West Seneca, NY
Source: U.S. Census Bureau

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