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Multifamily Loans in
Waukegan, IL

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Waukegan, IL

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

All major multifamily lender types are lending in Waukegan.


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


Waukegan Market

The city of Waukegan in Lake County has a population of 86,075. The median rent in Lake County for a 2 bedroom is $1,417. The median Waukegan resident is 32 years old with a yearly income of $25,690. The average family has 3.56 members and a median household income of $49,803. Waukegan has a 17% higher education rate. The unemployment rate in Waukegan is 7.7%.


Population
86,075 people

County
Lake County

Renters

53.5% of Waukegan households are renters.


Rent Burden

30.8% 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

Waukegan Demographics


Median Individual Income
$25,690 / year

Median Household Income
$49,803 / year

Families w/ Dual Incomes
56%

Unemployment Rate
7.7%
Household Income Distribution
Waukegan, IL

Median Age
32 years

Avg Family Size
3.56 people
Age Distribution
Waukegan, IL

College Education or Above
17%

STEM College Graduates
43%
Education Distribution
Waukegan, IL
Source: U.S. Census Bureau

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