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Multifamily Loans in
Zion, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Zion, IL

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

All major multifamily lender types are lending in Zion.


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


Zion Market

The city of Zion in Lake County has a population of 23,487. The median rent in Lake County for a 2 bedroom is $1,417. The median Zion resident is 32 years old with a yearly income of $25,919. The average family has 3.56 members and a median household income of $51,702. Zion has a 18% higher education rate. The unemployment rate in Zion is 9.1%.


Population
23,487 people

County
Lake County

Renters

43.5% of Zion households are renters.


Rent Burden

44.8% 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

Zion Demographics


Median Individual Income
$25,919 / year

Median Household Income
$51,702 / year

Families w/ Dual Incomes
49%

Unemployment Rate
9.1%
Household Income Distribution
Zion, IL

Median Age
32 years

Avg Family Size
3.56 people
Age Distribution
Zion, IL

College Education or Above
18%

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

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