Reading is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Reading are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Reading are slightly higher than the national average. Reading apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Reading.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Reading 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.34% - 5.58% |
| 10 Year Fixed | 5.28% - 5.52% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Reading.
The city of Reading in Berks County has a population of 88,375. The median rent in Berks County for a 2 bedroom is $1,022. The median Reading resident is 30 years old with a yearly income of $18,025. The average family has 3.72 members and a median household income of $32,176. Reading has a 11% higher education rate. The unemployment rate in Reading is 12.9%.
60.6% of Reading households are renters.
40.5% median household income spent on rent.
Bedrooms |
Berks County 1 |
Pennsylvania 2 |
National 2 |
|---|---|---|---|
| Studio | $674 | $680 | $737 |
| 1 bedroom | $796 | $747 | $813 |
| 2 bedroom | $1,022 | $929 | $1,015 |
| 3 bedroom | $1,271 | $1,198 | $1,325 |
| 4 bedroom | $1,386 | $1,330 | $1,521 |
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