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Multifamily Loans in
Somerset, NJ

Overview

Somerset is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Somerset are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Somerset are some of the lowest nationally. Somerset 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 Somerset.

Get multifamily loan quotes for Feb 02, 2025


Multifamily Loan Rates in Somerset, NJ

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Somerset 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%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 02/01/2025. This is not an offer or commitment to lend. Multifamily loan rates in Somerset may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Feb 02, 2025


Multifamily Lenders in Somerset, NJ

All major multifamily lender types are lending in Somerset.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Feb 02, 2025


Somerset Market

The city of Somerset in Somerset County has a population of 24,509. The median rent in Somerset County for a 2 bedroom is $1,888. The median Somerset resident is 39 years old with a yearly income of $43,695. The average family has 3.37 members and a median household income of $96,197. Somerset has a 54% higher education rate. The unemployment rate in Somerset is 5.9%.


Population
24,509 people

County
Somerset County

Renters
24.4%

24.4% of Somerset households are renters.


Rent Burden
24.7%

24.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Somerset County 1
New Jersey 2
National 2
Studio $1,297 $1,166 $737
1 bedroom $1,477 $1,353 $813
2 bedroom $1,888 $1,671 $1,015
3 bedroom $2,356 $2,131 $1,325
4 bedroom $2,683 $2,445 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Somerset Demographics


Median Individual Income
$43,695 / year

Median Household Income
$96,197 / year

Families w/ Dual Incomes
63%

Unemployment Rate
5.9%
Household Income Distribution
Somerset, NJ
Under 35kUnder 35k25k-35k25k-35k35k-50k35k-50k75k-100k75k-100k100k-150k100k-150k150k+150k+13.67.714.916.120.52728.021.014.07.00.0
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Median Age
39 years

Avg Family Size
3.37 people
Age Distribution
Somerset, NJ
Under 10Under 1010-1910-1920's20's30's30's40's40's50's50's60's60's70's70'sOver 80Over 809.910.713.916.313.71411.15.94.520.016.012.08.04.00.0
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College Education or Above
54%

STEM College Graduates
51%
Education Distribution
Somerset, NJ
< High School< High SchoolHigh SchoolHigh SchoolSome CollegeSome CollegeBachelor'sBachelor'sGraduateGraduate3.720.821.832.121.540.032.024.016.08.00.0
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Source: U.S. Census Bureau

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