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Multifamily Loans in
East Moline, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in East Moline, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in East Moline 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 East Moline 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 Moline, IL

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


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


East Moline Market

The city of East Moline in Rock Island County has a population of 20,645. The median rent in Rock Island County for a 2 bedroom is $832. The median East Moline resident is 39 years old with a yearly income of $28,404. The average family has 3.05 members and a median household income of $53,660. East Moline has a 20% higher education rate. The unemployment rate in East Moline is 6.1%.


Population
20,645 people

County
Rock Island County

Renters

32.8% of East Moline households are renters.


Rent Burden

29.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Rock Island County 1
Illinois 2
National 2
Studio $549 $599 $737
1 bedroom $665 $669 $813
2 bedroom $832 $840 $1,015
3 bedroom $1,111 $1,100 $1,325
4 bedroom $1,255 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

East Moline Demographics


Median Individual Income
$28,404 / year

Median Household Income
$53,660 / year

Families w/ Dual Incomes
55%

Unemployment Rate
6.1%
Household Income Distribution
East Moline, IL

Median Age
39 years

Avg Family Size
3.05 people
Age Distribution
East Moline, IL

College Education or Above
20%

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

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