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Multifamily Loans in
Pekin, IL

Overview

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.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Pekin, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Pekin 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.29% - 3.54%
7 Year Fixed 3.53% - 3.98%
10 Year Fixed 3.49% - 3.89%
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 Pekin 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 Pekin, IL

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


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


Pekin Market

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%.


Population
32,045 people

County
Tazewell County

Renters

30.6% of Pekin households are renters.


Rent Burden

27.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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

Pekin Demographics


Median Individual Income
$27,873 / year

Median Household Income
$50,973 / year

Families w/ Dual Incomes
51%

Unemployment Rate
5.5%
Household Income Distribution
Pekin, IL

Median Age
40 years

Avg Family Size
2.98 people
Age Distribution
Pekin, IL

College Education or Above
19%

STEM College Graduates
34%
Education Distribution
Pekin, IL
Source: U.S. Census Bureau

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