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Multifamily Loans in
Westfield, NJ

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Westfield, NJ

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

All major multifamily lender types are lending in Westfield.


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


Westfield Market

The city of Westfield in Union County has a population of 29,512. The median rent in Union County for a 2 bedroom is $1,776. The median Westfield resident is 42 years old with a yearly income of $71,621. The average family has 3.4 members and a median household income of $170,798. Westfield has a 74% higher education rate. The unemployment rate in Westfield is 2.7%.


Population
29,512 people

County
Union County

Renters

17.6% of Westfield households are renters.


Rent Burden

26.3% 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

Westfield Demographics


Median Individual Income
$71,621 / year

Median Household Income
$170,798 / year

Families w/ Dual Incomes
63%

Unemployment Rate
2.7%
Household Income Distribution
Westfield, NJ

Median Age
42 years

Avg Family Size
3.4 people
Age Distribution
Westfield, NJ

College Education or Above
74%

STEM College Graduates
46%
Education Distribution
Westfield, NJ
Source: U.S. Census Bureau

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