Champaign is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Champaign are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Champaign are slightly higher than the national average. Champaign 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 Champaign.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Champaign 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 Champaign.
The city of Champaign in Champaign County has a population of 88,909. The median rent in Champaign County for a 2 bedroom is $937. The median Champaign resident is 27 years old with a yearly income of $26,232. The average family has 3.11 members and a median household income of $48,415. Champaign has a 50% higher education rate. The unemployment rate in Champaign is 4.6%.
57.4% of Champaign households are renters.
37.8% median household income spent on rent.
Bedrooms |
Champaign County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $793 | $599 | $737 |
| 1 bedroom | $797 | $669 | $813 |
| 2 bedroom | $937 | $840 | $1,015 |
| 3 bedroom | $1,196 | $1,100 | $1,325 |
| 4 bedroom | $1,328 | $1,238 | $1,521 |
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