New Castle is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in New Castle are considered greater risk due to market dynamics. Interest rates for multifamily loans in New Castle are higher than the national average. New Castle 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 New Castle.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Castle 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 New Castle.
The city of New Castle in Lawrence County has a population of 21,618. The median rent in Lawrence County for a 2 bedroom is $834. The median New Castle resident is 41 years old with a yearly income of $20,270. The average family has 2.81 members and a median household income of $34,133. New Castle has a 15% higher education rate. The unemployment rate in New Castle is 10.9%.
43.7% of New Castle households are renters.
39.9% median household income spent on rent.
Bedrooms |
Lawrence County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $550 | $680 | $737 |
| 1 bedroom | $633 | $747 | $813 |
| 2 bedroom | $834 | $929 | $1,015 |
| 3 bedroom | $1,041 | $1,198 | $1,325 |
| 4 bedroom | $1,218 | $1,330 | $1,521 |
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