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Multifamily Loans in
Vernon Hills, IL

Overview

Vernon Hills is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Vernon Hills are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Vernon Hills are some of the lowest nationally. Vernon Hills 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 Vernon Hills.

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Vernon Hills, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Vernon Hills 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 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
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 3.19% - 3.44%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.39% - 3.79%
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 Vernon Hills 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 Vernon Hills, IL

All major multifamily lender types are lending in Vernon Hills.


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


Vernon Hills Market

The city of Vernon Hills in Lake County has a population of 26,521. The median rent in Lake County for a 2 bedroom is $1,417. The median Vernon Hills resident is 39 years old with a yearly income of $50,724. The average family has 3.25 members and a median household income of $104,199. Vernon Hills has a 63% higher education rate. The unemployment rate in Vernon Hills is 3.7%.


Population
26,521 people

County
Lake County

Renters

35.6% of Vernon Hills households are renters.


Rent Burden

27% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lake 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

Vernon Hills Demographics


Median Individual Income
$50,724 / year

Median Household Income
$104,199 / year

Families w/ Dual Incomes
61%

Unemployment Rate
3.7%
Household Income Distribution
Vernon Hills, IL

Median Age
39 years

Avg Family Size
3.25 people
Age Distribution
Vernon Hills, IL

College Education or Above
63%

STEM College Graduates
52%
Education Distribution
Vernon Hills, IL
Source: U.S. Census Bureau

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