Alton is located in a good market for 5+ unit multifamily loans. Multifamily loans in Alton are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Alton are competitive. Alton 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 Alton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Alton 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 10 Year Fixed | 5.19% - 5.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Alton.
The city of Alton in Madison County has a population of 26,208. The median rent in Madison County for a 2 bedroom is $1,005. The median Alton resident is 39 years old with a yearly income of $23,882. The average family has 3.03 members and a median household income of $40,211. Alton has a 19% higher education rate. The unemployment rate in Alton is 9.2%.
40.4% of Alton households are renters.
36.9% median household income spent on rent.
Bedrooms |
Madison County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $719 | $599 | $737 |
| 1 bedroom | $783 | $669 | $813 |
| 2 bedroom | $1,005 | $840 | $1,015 |
| 3 bedroom | $1,311 | $1,100 | $1,325 |
| 4 bedroom | $1,543 | $1,238 | $1,521 |
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