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Multifamily Loans in
Joliet, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Joliet, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Joliet 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 3.05% - 3.30%
7 Year Fixed 3.25% - 3.70%
10 Year Fixed 3.25% - 3.65%
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 Joliet 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 Joliet, IL

All major multifamily lender types are lending in Joliet.


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


Joliet Market

The city of Joliet in Will County has a population of 147,344. The median rent in Will County for a 2 bedroom is $1,417. The median Joliet resident is 34 years old with a yearly income of $31,073. The average family has 3.68 members and a median household income of $70,509. Joliet has a 22% higher education rate. The unemployment rate in Joliet is 6.0%.


Population
147,344 people

County
Will County

Renters

29.2% of Joliet households are renters.


Rent Burden

33.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Will 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

Joliet Demographics


Median Individual Income
$31,073 / year

Median Household Income
$70,509 / year

Families w/ Dual Incomes
61%

Unemployment Rate
6.0%
Household Income Distribution
Joliet, IL

Median Age
34 years

Avg Family Size
3.68 people
Age Distribution
Joliet, IL

College Education or Above
22%

STEM College Graduates
40%
Education Distribution
Joliet, IL
Source: U.S. Census Bureau

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