Belvidere is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Belvidere are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Belvidere are slightly higher than the national average. Belvidere apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Belvidere.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Belvidere 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.13% - 5.37% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Belvidere.
The city of Belvidere in Boone County has a population of 25,143. The median rent in Boone County for a 2 bedroom is $859. The median Belvidere resident is 36 years old with a yearly income of $25,088. The average family has 3.42 members and a median household income of $51,166. Belvidere has a 15% higher education rate. The unemployment rate in Belvidere is 7.1%.
29.6% of Belvidere households are renters.
32.3% median household income spent on rent.
Bedrooms |
Boone County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $567 | $599 | $737 |
| 1 bedroom | $652 | $669 | $813 |
| 2 bedroom | $859 | $840 | $1,015 |
| 3 bedroom | $1,166 | $1,100 | $1,325 |
| 4 bedroom | $1,266 | $1,238 | $1,521 |
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