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Multifamily Loans in
Park Forest, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Park Forest, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Park Forest 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 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Park Forest 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 Dec 02, 2021


Multifamily Lenders in Park Forest, IL

All major multifamily lender types are lending in Park Forest.


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 Dec 02, 2021


Park Forest Market

The city of Park Forest in Cook County has a population of 21,210. The median rent in Cook County for a 2 bedroom is $1,417. The median Park Forest resident is 39 years old with a yearly income of $31,538. The average family has 3.3 members and a median household income of $53,938. Park Forest has a 26% higher education rate. The unemployment rate in Park Forest is 7.9%.


Population
21,210 people

County
Cook County

Renters

40.1% of Park Forest households are renters.


Rent Burden

35.4% 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

Park Forest Demographics


Median Individual Income
$31,538 / year

Median Household Income
$53,938 / year

Families w/ Dual Incomes
49%

Unemployment Rate
7.9%
Household Income Distribution
Park Forest, IL

Median Age
39 years

Avg Family Size
3.3 people
Age Distribution
Park Forest, IL

College Education or Above
26%

STEM College Graduates
28%
Education Distribution
Park Forest, IL
Source: U.S. Census Bureau

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