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Multifamily Loans in
Burlington, IA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Burlington, IA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Burlington 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.27% - 3.52%
7 Year Fixed 3.44% - 3.89%
10 Year Fixed 3.42% - 3.82%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Burlington 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 08, 2021


Multifamily Lenders in Burlington, IA

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


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 08, 2021


Burlington Market

The city of Burlington in Des Moines County has a population of 24,713. The median rent in Des Moines County for a 2 bedroom is $921. The median Burlington resident is 43 years old with a yearly income of $28,278. The average family has 2.79 members and a median household income of $47,540. Burlington has a 19% higher education rate. The unemployment rate in Burlington is 6.3%.


Population
24,713 people

County
Des Moines County

Renters

33.9% of Burlington households are renters.


Rent Burden

35.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Des Moines County 1
Iowa 2
National 2
Studio $608 $558 $737
1 bedroom $699 $613 $813
2 bedroom $921 $785 $1,015
3 bedroom $1,161 $1,038 $1,325
4 bedroom $1,457 $1,151 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Burlington Demographics


Median Individual Income
$28,278 / year

Median Household Income
$47,540 / year

Families w/ Dual Incomes
46%

Unemployment Rate
6.3%
Household Income Distribution
Burlington, IA

Median Age
43 years

Avg Family Size
2.79 people
Age Distribution
Burlington, IA

College Education or Above
19%

STEM College Graduates
38%
Education Distribution
Burlington, IA
Source: U.S. Census Bureau

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