Millville is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Millville are considered greater risk due to market dynamics. Interest rates for multifamily loans in Millville are higher than the national average. Millville apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Millville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Millville are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.33% - 5.57% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Millville.
The city of Millville in Cumberland County has a population of 27,391. The median rent in Cumberland County for a 2 bedroom is $1,439. The median Millville resident is 41 years old with a yearly income of $28,242. The average family has 3.09 members and a median household income of $58,138. Millville has a 18% higher education rate. The unemployment rate in Millville is 8.9%.
35% of Millville households are renters.
49.1% median household income spent on rent.
Bedrooms |
Cumberland County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $988 | $1,166 | $737 |
| 1 bedroom | $1,103 | $1,353 | $813 |
| 2 bedroom | $1,439 | $1,671 | $1,015 |
| 3 bedroom | $1,910 | $2,131 | $1,325 |
| 4 bedroom | $2,219 | $2,445 | $1,521 |
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