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Multifamily Loans in
East Peoria, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in East Peoria, IL

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

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


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 Peoria Market

The city of East Peoria in Tazewell County has a population of 22,546. The median rent in Tazewell County for a 2 bedroom is $918. The median East Peoria resident is 42 years old with a yearly income of $32,308. The average family has 2.79 members and a median household income of $58,984. East Peoria has a 25% higher education rate. The unemployment rate in East Peoria is 5.0%.


Population
22,546 people

County
Tazewell County

Renters

27.9% of East Peoria households are renters.


Rent Burden

26% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Tazewell County 1
Illinois 2
National 2
Studio $675 $599 $737
1 bedroom $722 $669 $813
2 bedroom $918 $840 $1,015
3 bedroom $1,186 $1,100 $1,325
4 bedroom $1,263 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

East Peoria Demographics


Median Individual Income
$32,308 / year

Median Household Income
$58,984 / year

Families w/ Dual Incomes
54%

Unemployment Rate
5.0%
Household Income Distribution
East Peoria, IL

Median Age
42 years

Avg Family Size
2.79 people
Age Distribution
East Peoria, IL

College Education or Above
25%

STEM College Graduates
41%
Education Distribution
East Peoria, IL
Source: U.S. Census Bureau

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