Scotch Plains is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Scotch Plains are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Scotch Plains are some of the lowest nationally. Scotch Plains 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 Scotch Plains.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Scotch Plains 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 Scotch Plains.
The city of Scotch Plains in Union County has a population of 24,205. The median rent in Union County for a 2 bedroom is $1,776. The median Scotch Plains resident is 44 years old with a yearly income of $55,441. The average family has 3.22 members and a median household income of $131,732. Scotch Plains has a 61% higher education rate. The unemployment rate in Scotch Plains is 4.9%.
18% of Scotch Plains households are renters.
33.5% median household income spent on rent.
Bedrooms |
Union County 1 |
New Jersey 2 |
National 2 |
---|---|---|---|
Studio | $1,221 | $1,166 | $737 |
1 bedroom | $1,468 | $1,353 | $813 |
2 bedroom | $1,776 | $1,671 | $1,015 |
3 bedroom | $2,265 | $2,131 | $1,325 |
4 bedroom | $2,700 | $2,445 | $1,521 |
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