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Multifamily Loans in
East Chicago, IN

Overview

East Chicago is located in a good market for 5+ unit multifamily loans. Multifamily loans in East Chicago are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in East Chicago are competitive. East Chicago 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 East Chicago.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in East Chicago, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in East Chicago 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 3.11% - 3.36%
7 Year Fixed 3.28% - 3.73%
10 Year Fixed 3.25% - 3.65%
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 East Chicago 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 East Chicago, IN

All major multifamily lender types are lending in East Chicago.


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


East Chicago Market

The city of East Chicago in Lake County has a population of 27,817. The median rent in Lake County for a 2 bedroom is $978. The median East Chicago resident is 34 years old with a yearly income of $23,205. The average family has 3.46 members and a median household income of $32,839. East Chicago has a 9% higher education rate. The unemployment rate in East Chicago is 9.1%.


Population
27,817 people

County
Lake County

Renters

53.8% of East Chicago households are renters.


Rent Burden

36.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lake County 1
Indiana 2
National 2
Studio $645 $593 $737
1 bedroom $794 $666 $813
2 bedroom $978 $840 $1,015
3 bedroom $1,216 $1,099 $1,325
4 bedroom $1,378 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

East Chicago Demographics


Median Individual Income
$23,205 / year

Median Household Income
$32,839 / year

Families w/ Dual Incomes
31%

Unemployment Rate
9.1%
Household Income Distribution
East Chicago, IN

Median Age
34 years

Avg Family Size
3.46 people
Age Distribution
East Chicago, IN

College Education or Above
9%

STEM College Graduates
27%
Education Distribution
East Chicago, IN
Source: U.S. Census Bureau

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