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Multifamily Loans in
Kankakee, IL

Overview

Kankakee is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Kankakee are considered greater risk due to market dynamics. Interest rates for multifamily loans in Kankakee are higher than the national average. Kankakee 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 Kankakee.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Kankakee, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kankakee 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 3.34% - 3.59%
7 Year Fixed 3.58% - 4.03%
10 Year Fixed 3.54% - 3.94%
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 Kankakee 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 Kankakee, IL

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


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 Nov 26, 2021


Kankakee Market

The city of Kankakee in Kankakee County has a population of 26,024. The median rent in Kankakee County for a 2 bedroom is $998. The median Kankakee resident is 35 years old with a yearly income of $21,241. The average family has 3.47 members and a median household income of $37,894. Kankakee has a 14% higher education rate. The unemployment rate in Kankakee is 6.9%.


Population
26,024 people

County
Kankakee County

Renters

52.4% of Kankakee households are renters.


Rent Burden

44.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kankakee County 1
Illinois 2
National 2
Studio $676 $599 $737
1 bedroom $757 $669 $813
2 bedroom $998 $840 $1,015
3 bedroom $1,344 $1,100 $1,325
4 bedroom $1,474 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Kankakee Demographics


Median Individual Income
$21,241 / year

Median Household Income
$37,894 / year

Families w/ Dual Incomes
43%

Unemployment Rate
6.9%
Household Income Distribution
Kankakee, IL

Median Age
35 years

Avg Family Size
3.47 people
Age Distribution
Kankakee, IL

College Education or Above
14%

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

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