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Multifamily Loans in
Westmont, IL

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Westmont, IL

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

All major multifamily lender types are lending in Westmont.


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


Westmont Market

The city of Westmont in DuPage County has a population of 24,443. The median rent in DuPage County for a 2 bedroom is $1,417. The median Westmont resident is 40 years old with a yearly income of $37,977. The average family has 3.09 members and a median household income of $64,416. Westmont has a 44% higher education rate. The unemployment rate in Westmont is 3.4%.


Population
24,443 people

County
DuPage County

Renters

48% of Westmont households are renters.


Rent Burden

32.1% 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

Westmont Demographics


Median Individual Income
$37,977 / year

Median Household Income
$64,416 / year

Families w/ Dual Incomes
58%

Unemployment Rate
3.4%
Household Income Distribution
Westmont, IL

Median Age
40 years

Avg Family Size
3.09 people
Age Distribution
Westmont, IL

College Education or Above
44%

STEM College Graduates
51%
Education Distribution
Westmont, IL
Source: U.S. Census Bureau

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