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Multifamily Loans in
Elmwood Park, IL

Overview

Elmwood Park is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Elmwood Park are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Elmwood Park are some of the lowest nationally. Elmwood Park 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 Elmwood Park.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Elmwood Park, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Elmwood Park 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 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
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 3.19% - 3.44%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.39% - 3.79%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Elmwood Park 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 Nov 26, 2021


Multifamily Lenders in Elmwood Park, IL

All major multifamily lender types are lending in Elmwood Park.


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 Nov 26, 2021


Elmwood Park Market

The city of Elmwood Park in Cook County has a population of 24,098. The median rent in Cook County for a 2 bedroom is $1,417. The median Elmwood Park resident is 40 years old with a yearly income of $30,174. The average family has 3.36 members and a median household income of $59,963. Elmwood Park has a 27% higher education rate. The unemployment rate in Elmwood Park is 4.5%.


Population
24,098 people

County
Cook County

Renters

34.2% of Elmwood Park households are renters.


Rent Burden

35.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cook County 1
Illinois 2
National 2
Studio $1,104 $599 $737
1 bedroom $1,224 $669 $813
2 bedroom $1,417 $840 $1,015
3 bedroom $1,799 $1,100 $1,325
4 bedroom $2,147 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Elmwood Park Demographics


Median Individual Income
$30,174 / year

Median Household Income
$59,963 / year

Families w/ Dual Incomes
59%

Unemployment Rate
4.5%
Household Income Distribution
Elmwood Park, IL

Median Age
40 years

Avg Family Size
3.36 people
Age Distribution
Elmwood Park, IL

College Education or Above
27%

STEM College Graduates
44%
Education Distribution
Elmwood Park, IL
Source: U.S. Census Bureau

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