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Multifamily Loans in
Oak Lawn, IL

Overview

Oak Lawn is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Oak Lawn are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Oak Lawn are some of the lowest nationally. Oak Lawn 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 Oak Lawn.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Oak Lawn, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Oak Lawn 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 $7.5M
5 Year Fixed 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
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®
$7.5M to $100M
5 Year Fixed 3.19% - 3.44%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.39% - 3.79%
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 Oak Lawn 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 Oak Lawn, IL

All major multifamily lender types are lending in Oak Lawn.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Nov 26, 2021


Oak Lawn Market

The city of Oak Lawn in Cook County has a population of 55,022. The median rent in Cook County for a 2 bedroom is $1,417. The median Oak Lawn resident is 41 years old with a yearly income of $34,499. The average family has 3.35 members and a median household income of $64,476. Oak Lawn has a 30% higher education rate. The unemployment rate in Oak Lawn is 6.0%.


Population
55,022 people

County
Cook County

Renters

20.5% of Oak Lawn households are renters.


Rent Burden

29.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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

Oak Lawn Demographics


Median Individual Income
$34,499 / year

Median Household Income
$64,476 / year

Families w/ Dual Incomes
54%

Unemployment Rate
6.0%
Household Income Distribution
Oak Lawn, IL

Median Age
41 years

Avg Family Size
3.35 people
Age Distribution
Oak Lawn, IL

College Education or Above
30%

STEM College Graduates
44%
Education Distribution
Oak Lawn, IL
Source: U.S. Census Bureau

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