Beloit is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Beloit are considered greater risk due to market dynamics. Interest rates for multifamily loans in Beloit are higher than the national average. Beloit apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Beloit.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Beloit are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.23% - 5.47% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Beloit.
The city of Beloit in Rock County has a population of 36,926. The median rent in Rock County for a 2 bedroom is $907. The median Beloit resident is 34 years old with a yearly income of $24,541. The average family has 3.15 members and a median household income of $43,651. Beloit has a 17% higher education rate. The unemployment rate in Beloit is 8.8%.
42.1% of Beloit households are renters.
29.2% median household income spent on rent.
Bedrooms |
Rock County 1 |
Wisconsin 2 |
National 2 |
|---|---|---|---|
| Studio | $684 | $595 | $737 |
| 1 bedroom | $688 | $668 | $813 |
| 2 bedroom | $907 | $856 | $1,015 |
| 3 bedroom | $1,208 | $1,127 | $1,325 |
| 4 bedroom | $1,230 | $1,256 | $1,521 |
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