Franklin is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Franklin are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Franklin are some of the lowest nationally. Franklin 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 Franklin.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Franklin are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.42% - 5.66% |
| 7 Year Fixed | 5.48% - 5.72% |
| 10 Year Fixed | 5.34% - 5.58% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Franklin.
The city of Franklin in Somerset County has a population of 65,554. The median rent in Somerset County for a 2 bedroom is $1,888. The median Franklin resident is 41 years old with a yearly income of $44,380. The average family has 3.2 members and a median household income of $93,347. Franklin has a 52% higher education rate. The unemployment rate in Franklin is 5.6%.
29% of Franklin households are renters.
29.3% median household income spent on rent.
Bedrooms |
Somerset 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 |
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