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Multifamily Loans in
Rock Island, IL

Overview

Rock Island is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Rock Island are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Rock Island are slightly higher than the national average. Rock Island 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 Rock Island.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Rock Island, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rock Island 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 Rock Island 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 Rock Island, IL

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


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


Rock Island Market

The city of Rock Island in Rock Island County has a population of 37,176. The median rent in Rock Island County for a 2 bedroom is $832. The median Rock Island resident is 36 years old with a yearly income of $26,416. The average family has 2.94 members and a median household income of $48,680. Rock Island has a 23% higher education rate. The unemployment rate in Rock Island is 7.9%.


Population
37,176 people

County
Rock Island County

Renters

38.7% of Rock Island households are renters.


Rent Burden

32.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Rock Island County 1
Illinois 2
National 2
Studio $549 $599 $737
1 bedroom $665 $669 $813
2 bedroom $832 $840 $1,015
3 bedroom $1,111 $1,100 $1,325
4 bedroom $1,255 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Rock Island Demographics


Median Individual Income
$26,416 / year

Median Household Income
$48,680 / year

Families w/ Dual Incomes
49%

Unemployment Rate
7.9%
Household Income Distribution
Rock Island, IL

Median Age
36 years

Avg Family Size
2.94 people
Age Distribution
Rock Island, IL

College Education or Above
23%

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

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