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Multifamily Loans in
Blue Island, IL

Overview

Blue Island is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Blue Island are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Blue Island are some of the lowest nationally. Blue Island 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 Blue Island.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Blue Island, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Blue Island 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 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
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 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
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 Blue Island 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 Blue Island, IL

All major multifamily lender types are lending in Blue Island.


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


Blue Island Market

The city of Blue Island in Cook County has a population of 22,899. The median rent in Cook County for a 2 bedroom is $1,417. The median Blue Island resident is 36 years old with a yearly income of $26,405. The average family has 3.64 members and a median household income of $48,398. Blue Island has a 15% higher education rate. The unemployment rate in Blue Island is 10.0%.


Population
22,899 people

County
Cook County

Renters

50.6% of Blue Island households are renters.


Rent Burden

32% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cook 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

Blue Island Demographics


Median Individual Income
$26,405 / year

Median Household Income
$48,398 / year

Families w/ Dual Incomes
50%

Unemployment Rate
10.0%
Household Income Distribution
Blue Island, IL

Median Age
36 years

Avg Family Size
3.64 people
Age Distribution
Blue Island, IL

College Education or Above
15%

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

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