Machesney Park is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Machesney Park are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Machesney Park are slightly higher than the national average. Machesney 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 Machesney Park.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Machesney 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 Machesney Park.
The city of Machesney Park in Winnebago County has a population of 22,677. The median rent in Winnebago County for a 2 bedroom is $859. The median Machesney Park resident is 41 years old with a yearly income of $30,951. The average family has 2.95 members and a median household income of $63,662. Machesney Park has a 15% higher education rate. The unemployment rate in Machesney Park is 5.7%.
22.1% of Machesney Park households are renters.
21.4% 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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