Pekin is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Pekin are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Pekin are slightly higher than the national average. Pekin apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Pekin.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Pekin are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.13% - 5.37% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Pekin.
The city of Pekin in Tazewell County has a population of 32,045. The median rent in Tazewell County for a 2 bedroom is $918. The median Pekin resident is 40 years old with a yearly income of $27,873. The average family has 2.98 members and a median household income of $50,973. Pekin has a 19% higher education rate. The unemployment rate in Pekin is 5.5%.
30.6% of Pekin households are renters.
27.2% median household income spent on rent.
Bedrooms |
Tazewell County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $675 | $599 | $737 |
| 1 bedroom | $722 | $669 | $813 |
| 2 bedroom | $918 | $840 | $1,015 |
| 3 bedroom | $1,186 | $1,100 | $1,325 |
| 4 bedroom | $1,263 | $1,238 | $1,521 |
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