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Multifamily Loans in
Alton, IL

Overview

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.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Alton, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Alton 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 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Alton 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 Nov 26, 2021


Multifamily Lenders in Alton, IL

All major multifamily lender types are lending in Alton.


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 Nov 26, 2021


Alton Market

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%.


Population
26,208 people

County
Madison County

Renters

40.4% of Alton households are renters.


Rent Burden

36.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Alton Demographics


Median Individual Income
$23,882 / year

Median Household Income
$40,211 / year

Families w/ Dual Incomes
47%

Unemployment Rate
9.2%
Household Income Distribution
Alton, IL

Median Age
39 years

Avg Family Size
3.03 people
Age Distribution
Alton, IL

College Education or Above
19%

STEM College Graduates
39%
Education Distribution
Alton, IL
Source: U.S. Census Bureau

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