Loves Park is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Loves Park are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Loves Park are slightly higher than the national average. Loves Park apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Loves Park.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Loves Park are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.84% - 7.08% |
| 10 Year Fixed | 6.73% - 6.97% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Loves Park.
The city of Loves Park in Winnebago County has a population of 23,371. The median rent in Winnebago County for a 2 bedroom is $859. The median Loves Park resident is 38 years old with a yearly income of $30,714. The average family has 3.04 members and a median household income of $59,059. Loves Park has a 26% higher education rate. The unemployment rate in Loves Park is 7.2%.
31.3% of Loves Park households are renters.
27.1% median household income spent on rent.
Bedrooms |
Winnebago County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $567 | $599 | $737 |
| 1 bedroom | $652 | $669 | $813 |
| 2 bedroom | $859 | $840 | $1,015 |
| 3 bedroom | $1,166 | $1,100 | $1,325 |
| 4 bedroom | $1,266 | $1,238 | $1,521 |
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