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Multifamily Loans in
Urbana, IL

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Urbana, IL

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

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


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


Urbana Market

The city of Urbana in Champaign County has a population of 42,214. The median rent in Champaign County for a 2 bedroom is $937. The median Urbana resident is 25 years old with a yearly income of $21,577. The average family has 2.84 members and a median household income of $37,102. Urbana has a 60% higher education rate. The unemployment rate in Urbana is 6.4%.


Population
42,214 people

County
Champaign County

Renters

64.4% of Urbana households are renters.


Rent Burden

45.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Champaign County 1
Illinois 2
National 2
Studio $793 $599 $737
1 bedroom $797 $669 $813
2 bedroom $937 $840 $1,015
3 bedroom $1,196 $1,100 $1,325
4 bedroom $1,328 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Urbana Demographics


Median Individual Income
$21,577 / year

Median Household Income
$37,102 / year

Families w/ Dual Incomes
53%

Unemployment Rate
6.4%
Household Income Distribution
Urbana, IL

Median Age
25 years

Avg Family Size
2.84 people
Age Distribution
Urbana, IL

College Education or Above
60%

STEM College Graduates
58%
Education Distribution
Urbana, IL
Source: U.S. Census Bureau

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