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Multifamily Loans in
Algonquin, IL

Overview

Algonquin is located in a good market for 5+ unit multifamily loans. Multifamily loans in Algonquin are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Algonquin are competitive. Algonquin 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 Algonquin.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Algonquin, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Algonquin are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.05% - 3.30%
7 Year Fixed 3.25% - 3.70%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Algonquin 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 Dec 02, 2021


Multifamily Lenders in Algonquin, IL

All major multifamily lender types are lending in Algonquin.


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 Dec 02, 2021


Algonquin Market

The city of Algonquin in McHenry County has a population of 30,897. The median rent in McHenry County for a 2 bedroom is $1,417. The median Algonquin resident is 41 years old with a yearly income of $44,232. The average family has 3.22 members and a median household income of $102,856. Algonquin has a 46% higher education rate. The unemployment rate in Algonquin is 5.0%.


Population
30,897 people

County
McHenry County

Renters

14% of Algonquin households are renters.


Rent Burden

34.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
McHenry County 1
Illinois 2
National 2
Studio $1,104 $599 $737
1 bedroom $1,224 $669 $813
2 bedroom $1,417 $840 $1,015
3 bedroom $1,799 $1,100 $1,325
4 bedroom $2,147 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Algonquin Demographics


Median Individual Income
$44,232 / year

Median Household Income
$102,856 / year

Families w/ Dual Incomes
68%

Unemployment Rate
5.0%
Household Income Distribution
Algonquin, IL

Median Age
41 years

Avg Family Size
3.22 people
Age Distribution
Algonquin, IL

College Education or Above
46%

STEM College Graduates
41%
Education Distribution
Algonquin, IL
Source: U.S. Census Bureau

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