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Multifamily Loans in
Galesburg, IL

Overview

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.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Galesburg, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Galesburg 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.15% - 3.40%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.35% - 3.75%
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 Galesburg 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 Galesburg, IL

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


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


Galesburg Market

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%.


Population
30,197 people

County
Knox County

Renters

42.2% of Galesburg households are renters.


Rent Burden

37.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Galesburg Demographics


Median Individual Income
$21,818 / year

Median Household Income
$36,547 / year

Families w/ Dual Incomes
41%

Unemployment Rate
6.3%
Household Income Distribution
Galesburg, IL

Median Age
40 years

Avg Family Size
2.99 people
Age Distribution
Galesburg, IL

College Education or Above
18%

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

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