Burlington is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Burlington are considered greater risk due to market dynamics. Interest rates for multifamily loans in Burlington are higher than the national average. Burlington 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 Burlington.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Burlington 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 Burlington.
The city of Burlington in Des Moines County has a population of 24,713. The median rent in Des Moines County for a 2 bedroom is $921. The median Burlington resident is 43 years old with a yearly income of $28,278. The average family has 2.79 members and a median household income of $47,540. Burlington has a 19% higher education rate. The unemployment rate in Burlington is 6.3%.
33.9% of Burlington households are renters.
35.2% median household income spent on rent.
Bedrooms |
Des Moines County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $608 | $558 | $737 |
| 1 bedroom | $699 | $613 | $813 |
| 2 bedroom | $921 | $785 | $1,015 |
| 3 bedroom | $1,161 | $1,038 | $1,325 |
| 4 bedroom | $1,457 | $1,151 | $1,521 |
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