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Multifamily Loans in
West Chicago, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in West Chicago, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Chicago 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 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
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 West Chicago 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 West Chicago, IL

All major multifamily lender types are lending in West Chicago.


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 Dec 02, 2021


West Chicago Market

The city of West Chicago in DuPage County has a population of 26,816. The median rent in DuPage County for a 2 bedroom is $1,417. The median West Chicago resident is 34 years old with a yearly income of $27,516. The average family has 3.97 members and a median household income of $78,116. West Chicago has a 28% higher education rate. The unemployment rate in West Chicago is 4.4%.


Population
26,816 people

County
DuPage County

Renters

32.3% of West Chicago households are renters.


Rent Burden

34.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
DuPage 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

West Chicago Demographics


Median Individual Income
$27,516 / year

Median Household Income
$78,116 / year

Families w/ Dual Incomes
69%

Unemployment Rate
4.4%
Household Income Distribution
West Chicago, IL

Median Age
34 years

Avg Family Size
3.97 people
Age Distribution
West Chicago, IL

College Education or Above
28%

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

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