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Multifamily Loans in
Lockport, IL

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Lockport, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Lockport 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 Lockport 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 Lockport, IL

All major multifamily lender types are lending in Lockport.


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


Lockport Market

The city of Lockport in Will County has a population of 25,615. The median rent in Will County for a 2 bedroom is $1,417. The median Lockport resident is 36 years old with a yearly income of $46,292. The average family has 3.37 members and a median household income of $90,475. Lockport has a 36% higher education rate. The unemployment rate in Lockport is 3.4%.


Population
25,615 people

County
Will County

Renters

17.2% of Lockport households are renters.


Rent Burden

32.8% 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

Lockport Demographics


Median Individual Income
$46,292 / year

Median Household Income
$90,475 / year

Families w/ Dual Incomes
64%

Unemployment Rate
3.4%
Household Income Distribution
Lockport, IL

Median Age
36 years

Avg Family Size
3.37 people
Age Distribution
Lockport, IL

College Education or Above
36%

STEM College Graduates
39%
Education Distribution
Lockport, IL
Source: U.S. Census Bureau

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