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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Normal 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 $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.38% - 6.62% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Normal.
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%.
44.6% of Normal households are renters.
41% median household income spent on rent.
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 |
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