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Multifamily Loans in
Normal, IL

Overview

Normal is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Normal are considered greater risk due to market dynamics. Interest rates for multifamily loans in Normal are higher than the national average. Normal apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Normal.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Normal, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Normal 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.34% - 3.59%
7 Year Fixed 3.58% - 4.03%
10 Year Fixed 3.54% - 3.94%
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 Normal 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 Normal, IL

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


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 Nov 26, 2021


Normal Market

The city of Normal in McLean County has a population of 54,469. The median rent in McLean County for a 2 bedroom is $911. The median Normal resident is 25 years old with a yearly income of $24,379. The average family has 3.09 members and a median household income of $58,111. Normal has a 49% higher education rate. The unemployment rate in Normal is 2.9%.


Population
54,469 people

County
McLean County

Renters

44.6% of Normal households are renters.


Rent Burden

41% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
McLean County 1
Illinois 2
National 2
Studio $644 $599 $737
1 bedroom $729 $669 $813
2 bedroom $911 $840 $1,015
3 bedroom $1,298 $1,100 $1,325
4 bedroom $1,577 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Normal Demographics


Median Individual Income
$24,379 / year

Median Household Income
$58,111 / year

Families w/ Dual Incomes
59%

Unemployment Rate
2.9%
Household Income Distribution
Normal, IL

Median Age
25 years

Avg Family Size
3.09 people
Age Distribution
Normal, IL

College Education or Above
49%

STEM College Graduates
40%
Education Distribution
Normal, IL
Source: U.S. Census Bureau

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