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Multifamily Loans in
South Elgin, IL

Overview

South Elgin is located in a good market for 5+ unit multifamily loans. Multifamily loans in South Elgin are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in South Elgin are competitive. South Elgin 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 South Elgin.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in South Elgin, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in South Elgin 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 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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 3.24% - 3.49%
7 Year Fixed 3.48% - 3.93%
10 Year Fixed 3.44% - 3.84%
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 South Elgin 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 South Elgin, IL

All major multifamily lender types are lending in South Elgin.


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


South Elgin Market

The city of South Elgin in Kane County has a population of 24,755. The median rent in Kane County for a 2 bedroom is $1,417. The median South Elgin resident is 38 years old with a yearly income of $39,866. The average family has 3.43 members and a median household income of $99,451. South Elgin has a 36% higher education rate. The unemployment rate in South Elgin is 4.7%.


Population
24,755 people

County
Kane County

Renters

18.4% of South Elgin households are renters.


Rent Burden

27.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kane 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

South Elgin Demographics


Median Individual Income
$39,866 / year

Median Household Income
$99,451 / year

Families w/ Dual Incomes
69%

Unemployment Rate
4.7%
Household Income Distribution
South Elgin, IL

Median Age
38 years

Avg Family Size
3.43 people
Age Distribution
South Elgin, IL

College Education or Above
36%

STEM College Graduates
42%
Education Distribution
South Elgin, IL
Source: U.S. Census Bureau

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