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.
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 | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.84% - 7.08% |
| 10 Year Fixed | 6.73% - 6.97% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in East Peoria.
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%.
27.9% of East Peoria households are renters.
26% median household income spent on rent.
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 |
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