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Multifamily Loans in
Hanover Park, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Hanover Park, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hanover 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 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
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 Hanover 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 Dec 02, 2021


Multifamily Lenders in Hanover Park, IL

All major multifamily lender types are lending in Hanover 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 Dec 02, 2021


Hanover Park Market

The city of Hanover Park in DuPage County has a population of 37,426. The median rent in DuPage County for a 2 bedroom is $1,417. The median Hanover Park resident is 34 years old with a yearly income of $31,502. The average family has 3.72 members and a median household income of $76,615. Hanover Park has a 27% higher education rate. The unemployment rate in Hanover Park is 4.8%.


Population
37,426 people

County
DuPage County

Renters

26% of Hanover Park households are renters.


Rent Burden

30.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
DuPage 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

Hanover Park Demographics


Median Individual Income
$31,502 / year

Median Household Income
$76,615 / year

Families w/ Dual Incomes
66%

Unemployment Rate
4.8%
Household Income Distribution
Hanover Park, IL

Median Age
34 years

Avg Family Size
3.72 people
Age Distribution
Hanover Park, IL

College Education or Above
27%

STEM College Graduates
46%
Education Distribution
Hanover Park, IL
Source: U.S. Census Bureau

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