Camden County's small apartment buildings run from Victorian rowhome conversions in the city of Camden to brick walk-ups along the PATCO line in Collingswood and Haddon Township. New Jersey's tenant protections and lead inspection rules shape how these buildings operate.
In short: Yes, LendingStreet finances 5 to 8 unit rental buildings in Camden with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, the standard minimum DSCR is 1.0x and maximum LTV on 5-8 units varies by program. In Camden County, New Jersey property taxes, the state's lead-safe inspection law and its good-cause eviction rules are the items to understand before you buy.
In the city of Camden, Cooper Grant, Fairview, Parkside and the blocks near Rutgers-Camden and Cooper University Hospital have older rowhomes and converted buildings. Prices are low, but renovation needs and code compliance vary widely.
Collingswood, Haddon Township, Audubon and Haddonfield, along the PATCO line to Philadelphia, have brick walk-ups and converted houses with five to eight units at higher prices. Pennsauken, Gloucester City and Cherry Hill add more options.
| Area | Typical building | What to check |
|---|---|---|
| Cooper Grant, Fairview, Parkside | Rowhome conversions | Code status, renovation scope, CO inspections |
| Collingswood, Haddon Township | Brick walk-ups near PATCO | Higher taxes, parking, older systems |
| Pennsauken, Gloucester City | Small buildings and conversions | Municipal rules, flood zones near the river |
A building with five to eight units is still residential for our programs; nine or more units moves to commercial or multifamily financing. The loan qualifies on the debt service coverage ratio: the combined rent of every unit divided by the monthly payment of principal, interest, taxes, insurance and any HOA dues.
DSCR loans start at $150,000 with no stated maximum, the standard minimum DSCR is 1.0x and the minimum credit score is 620. You do not provide W-2s or tax returns, LLC borrowers are standard and 30-year terms are available. Maximum LTV on 5-8 unit buildings can be lower than on a single-family home or duplex, so leverage varies by program.
If you are coming from fourplexes, expect the same core process with more paperwork: a full rent roll, leases for every occupied unit and an insurance policy that covers the whole building. If your plan is to buy several smaller buildings instead, a blanket portfolio loan can combine five or more rentals under one loan.
New Jersey has some of the highest property taxes in the country, and rates vary a lot from town to town in Camden County. Look up the current assessment and the general tax rate for the specific municipality, and check whether the town has done a recent revaluation.
New Jersey's realty transfer fee is generally paid by the seller, and additional fees can apply to higher-priced properties. Confirm who pays what with your title company.
New Jersey's Anti-Eviction Act requires good cause to evict tenants in most rental buildings, including five to eight unit properties. You cannot simply decline to renew a lease, so review existing leases and tenant history before you buy.
New Jersey's lead-safe certification law requires lead inspections for most pre-1978 rentals, typically at tenant turnover. Many Camden County towns also require a certificate of occupancy inspection when units turn over. Confirm requirements with each municipality.
This example is illustrative and not a quote. An investor buys a 6-unit brick walk-up in Collingswood for $900,000. The units average $1,450 a month, so gross rent is $8,700. Taxes are budgeted at $2,000 a month and insurance at $380.
At 75% LTV the loan is $675,000, estimated principal and interest is about $4,720 and the total payment is about $7,100, for a DSCR of about 1.23x. At 70% LTV the loan drops to $630,000, the total payment to about $6,785 and the DSCR rises to about 1.28x. New Jersey's tax line is the largest item after principal and interest here, so check the town's rate first.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $675,000 | $630,000 |
| Gross monthly rent | $8,700 | $8,700 |
| Estimated principal and interest | $4,720 | $4,405 |
| Property taxes | $2,000 | $2,000 |
| Insurance | $380 | $380 |
| Total monthly payment | $7,100 | $6,785 |
| DSCR | About 1.23x | About 1.28x |
With six or eight tenants, small gaps add up. One unit leased below market, another sitting vacant and a third on a month-to-month arrangement can pull the qualifying rent down by several hundred dollars a month.
The appraisal on a building this size typically weighs comparable sales and the building's income. Bring current leases for every occupied unit and a realistic market rent for any vacant one, and the ratio you calculate will be much closer to the one underwriting uses.
Older rowhomes and walk-ups share walls and often have aging roofs and electrical systems. Insurers ask about fire separation and heating systems.
Areas along the Delaware River and Cooper River can be in flood zones. Check the FEMA map early.
PATCO gives Camden County towns a short commute to Center City Philadelphia, which supports rental demand in Collingswood, Haddon Township and nearby towns. Rutgers-Camden, Cooper University Hospital and the Camden waterfront add more demand in the city.
Because property taxes are high, budget carefully: the tax line often takes a large share of the rent.
Underwriting goes faster when the rent and expenses are documented up front. Gather the following, then get a quote through the form below or by phone at (877) 298-1001.
LendingStreet is an investment property financing company. Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, unit mix, rent roll and price, and we will run the ratio at a few loan amounts and come back with options, including sub-1.0 DSCR programs where they fit.
New Jersey's Anti-Eviction Act requires good cause to evict in most rental buildings. Review the leases before you buy.
Most pre-1978 rentals in New Jersey require a lead-safe inspection, typically at tenant turnover. Check the town's process.
Each municipality sets its own rate and assessment. Look up the rate for the specific address.
Yes. PATCO stations in Collingswood, Haddonfield, Westmont and other towns put Center City a short ride away, which supports rents near the line.
No. The loan qualifies on the building's rent. You do not provide W-2s or tax returns.
Yes. LLC borrowers are standard on our DSCR programs, and you sign for the loan personally.
Yes. Cash-out goes up to 75% LTV on some programs, often lower on 5-8 units, and seasoning varies by program.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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