Loading...

Multifamily Loans in
Granite City, IL

Overview

Granite City is located in a good market for 5+ unit multifamily loans. Multifamily loans in Granite City are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Granite City are competitive. Granite City 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 Granite City.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Granite City, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Granite City 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 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
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 Granite City 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 Granite City, IL

All major multifamily lender types are lending in Granite City.


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


Granite City Market

The city of Granite City in Madison County has a population of 28,158. The median rent in Madison County for a 2 bedroom is $1,005. The median Granite City resident is 42 years old with a yearly income of $26,850. The average family has 2.93 members and a median household income of $51,469. Granite City has a 13% higher education rate. The unemployment rate in Granite City is 7.7%.


Population
28,158 people

County
Madison County

Renters

35.6% of Granite City households are renters.


Rent Burden

33.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Madison County 1
Illinois 2
National 2
Studio $719 $599 $737
1 bedroom $783 $669 $813
2 bedroom $1,005 $840 $1,015
3 bedroom $1,311 $1,100 $1,325
4 bedroom $1,543 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Granite City Demographics


Median Individual Income
$26,850 / year

Median Household Income
$51,469 / year

Families w/ Dual Incomes
44%

Unemployment Rate
7.7%
Household Income Distribution
Granite City, IL

Median Age
42 years

Avg Family Size
2.93 people
Age Distribution
Granite City, IL

College Education or Above
13%

STEM College Graduates
34%
Education Distribution
Granite City, IL
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day