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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Springfield 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.23% - 5.47% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Springfield.
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%.
38.6% of Springfield households are renters.
33.1% median household income spent on rent.
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 |
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