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Multifamily Loans in
Springfield, IL

Overview

Springfield is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Springfield are considered greater risk due to market dynamics. Interest rates for multifamily loans in Springfield are higher than the national average. Springfield apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Springfield.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Springfield, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Springfield 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.15% - 3.40%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.35% - 3.75%
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 Springfield 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 Springfield, IL

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


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 Dec 02, 2021


Springfield Market

The city of Springfield in Sangamon County has a population of 114,230. The median rent in Sangamon County for a 2 bedroom is $909. The median Springfield resident is 39 years old with a yearly income of $31,670. The average family has 2.92 members and a median household income of $54,648. Springfield has a 36% higher education rate. The unemployment rate in Springfield is 7.1%.


Population
114,230 people

County
Sangamon County

Renters

38.6% of Springfield households are renters.


Rent Burden

33.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Sangamon County 1
Illinois 2
National 2
Studio $611 $599 $737
1 bedroom $725 $669 $813
2 bedroom $909 $840 $1,015
3 bedroom $1,140 $1,100 $1,325
4 bedroom $1,233 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Springfield Demographics


Median Individual Income
$31,670 / year

Median Household Income
$54,648 / year

Families w/ Dual Incomes
48%

Unemployment Rate
7.1%
Household Income Distribution
Springfield, IL

Median Age
39 years

Avg Family Size
2.92 people
Age Distribution
Springfield, IL

College Education or Above
36%

STEM College Graduates
44%
Education Distribution
Springfield, IL
Source: U.S. Census Bureau

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