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Multifamily Loans in
Loves Park, IL

Overview

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.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Loves Park, IL

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 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.10% - 3.35%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.30% - 3.70%
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 Loves 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 Loves Park, IL

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


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 Dec 02, 2021


Loves Park Market

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%.


Population
23,371 people

County
Winnebago County

Renters

31.3% of Loves Park households are renters.


Rent Burden

27.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Loves Park Demographics


Median Individual Income
$30,714 / year

Median Household Income
$59,059 / year

Families w/ Dual Incomes
55%

Unemployment Rate
7.2%
Household Income Distribution
Loves Park, IL

Median Age
38 years

Avg Family Size
3.04 people
Age Distribution
Loves Park, IL

College Education or Above
26%

STEM College Graduates
50%
Education Distribution
Loves Park, IL
Source: U.S. Census Bureau

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