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Multifamily Loans in
Belvidere, IL

Overview

Belvidere is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Belvidere are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Belvidere are slightly higher than the national average. Belvidere apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Belvidere.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Belvidere, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Belvidere 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 $6M
5 Year Fixed 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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®
$6M to $100M
5 Year Fixed 3.10% - 3.35%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.30% - 3.70%
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 Belvidere 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 Belvidere, IL

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Belvidere.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 02, 2021


Belvidere Market

The city of Belvidere in Boone County has a population of 25,143. The median rent in Boone County for a 2 bedroom is $859. The median Belvidere resident is 36 years old with a yearly income of $25,088. The average family has 3.42 members and a median household income of $51,166. Belvidere has a 15% higher education rate. The unemployment rate in Belvidere is 7.1%.


Population
25,143 people

County
Boone County

Renters

29.6% of Belvidere households are renters.


Rent Burden

32.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Boone County 1
Illinois 2
National 2
Studio $567 $599 $737
1 bedroom $652 $669 $813
2 bedroom $859 $840 $1,015
3 bedroom $1,166 $1,100 $1,325
4 bedroom $1,266 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Belvidere Demographics


Median Individual Income
$25,088 / year

Median Household Income
$51,166 / year

Families w/ Dual Incomes
52%

Unemployment Rate
7.1%
Household Income Distribution
Belvidere, IL

Median Age
36 years

Avg Family Size
3.42 people
Age Distribution
Belvidere, IL

College Education or Above
15%

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

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