Melrose Park is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Melrose Park are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Melrose Park are some of the lowest nationally. Melrose Park 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 Melrose Park.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Melrose Park are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.07% - 6.31% |
| 7 Year Fixed | 6.18% - 6.42% |
| 10 Year Fixed | 6.19% - 6.43% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.44% - 5.54% |
| 7 Year Fixed | 5.49% - 5.59% |
| 10 Year Fixed | 5.47% - 5.57% |
All major multifamily lender types are lending in Melrose Park.
The city of Melrose Park in Cook County has a population of 24,703. The median rent in Cook County for a 2 bedroom is $1,417. The median Melrose Park resident is 33 years old with a yearly income of $26,979. The average family has 3.91 members and a median household income of $50,870. Melrose Park has a 13% higher education rate. The unemployment rate in Melrose Park is 4.6%.
49.6% of Melrose Park households are renters.
31.7% median household income spent on rent.
Bedrooms |
Cook 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 |
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