Newark is located in a good market for 5+ unit multifamily loans. Multifamily loans in Newark are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Newark are competitive. Newark 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 Newark.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Newark 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Newark.
The city of Newark in New Castle County has a population of 33,515. The median rent in New Castle County for a 2 bedroom is $1,358. The median Newark resident is 25 years old with a yearly income of $18,870. The average family has 2.96 members and a median household income of $58,434. Newark has a 53% higher education rate. The unemployment rate in Newark is 4.4%.
48% of Newark households are renters.
56.3% median household income spent on rent.
Bedrooms |
New Castle County 1 |
Delaware 2 |
National 2 |
|---|---|---|---|
| Studio | $970 | $868 | $737 |
| 1 bedroom | $1,121 | $963 | $813 |
| 2 bedroom | $1,358 | $1,182 | $1,015 |
| 3 bedroom | $1,689 | $1,580 | $1,325 |
| 4 bedroom | $1,935 | $1,827 | $1,521 |
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