Galesburg is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Galesburg are considered greater risk due to market dynamics. Interest rates for multifamily loans in Galesburg are higher than the national average. Galesburg apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Galesburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Galesburg 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 | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
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 | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Galesburg.
The city of Galesburg in Knox County has a population of 30,197. The median rent in Knox County for a 2 bedroom is $742. The median Galesburg resident is 40 years old with a yearly income of $21,818. The average family has 2.99 members and a median household income of $36,547. Galesburg has a 18% higher education rate. The unemployment rate in Galesburg is 6.3%.
42.2% of Galesburg households are renters.
37.4% median household income spent on rent.
Bedrooms |
Knox County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $490 | $599 | $737 |
| 1 bedroom | $563 | $669 | $813 |
| 2 bedroom | $742 | $840 | $1,015 |
| 3 bedroom | $990 | $1,100 | $1,325 |
| 4 bedroom | $1,006 | $1,238 | $1,521 |
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