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Multifamily Loans in
Champaign, IL

Overview

Champaign is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Champaign are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Champaign are slightly higher than the national average. Champaign 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 Champaign.

Get multifamily loan quotes for Dec 06, 2024


Multifamily Loan Rates in Champaign, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Champaign 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 $6M
5 Year Fixed 5.58% - 5.82%
7 Year Fixed 5.29% - 5.53%
10 Year Fixed 5.13% - 5.37%
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®
$6M to $100M
5 Year Fixed 5.65% - 5.80%
7 Year Fixed 5.66% - 5.81%
10 Year Fixed 5.66% - 5.81%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/05/2024. This is not an offer or commitment to lend. Multifamily loan rates in Champaign 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 06, 2024


Multifamily Lenders in Champaign, IL

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


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 06, 2024


Champaign Market

The city of Champaign in Champaign County has a population of 88,909. The median rent in Champaign County for a 2 bedroom is $937. The median Champaign resident is 27 years old with a yearly income of $26,232. The average family has 3.11 members and a median household income of $48,415. Champaign has a 50% higher education rate. The unemployment rate in Champaign is 4.6%.


Population
88,909 people

County
Champaign County

Renters

57.4% of Champaign households are renters.


Rent Burden

37.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Champaign County 1
Illinois 2
National 2
Studio $793 $599 $737
1 bedroom $797 $669 $813
2 bedroom $937 $840 $1,015
3 bedroom $1,196 $1,100 $1,325
4 bedroom $1,328 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Champaign Demographics


Median Individual Income
$26,232 / year

Median Household Income
$48,415 / year

Families w/ Dual Incomes
56%

Unemployment Rate
4.6%
Household Income Distribution
Champaign, IL

Median Age
27 years

Avg Family Size
3.11 people
Age Distribution
Champaign, IL

College Education or Above
50%

STEM College Graduates
51%
Education Distribution
Champaign, IL
Source: U.S. Census Bureau

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