Danville is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Danville are considered greater risk due to market dynamics. Interest rates for multifamily loans in Danville are higher than the national average. Danville 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 Danville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Danville 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 Danville.
The city of Danville in Vermilion County has a population of 30,479. The median rent in Vermilion County for a 2 bedroom is $836. The median Danville resident is 36 years old with a yearly income of $22,920. The average family has 3.15 members and a median household income of $36,172. Danville has a 16% higher education rate. The unemployment rate in Danville is 9.3%.
44.1% of Danville households are renters.
35.1% median household income spent on rent.
Bedrooms |
Vermilion County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $556 | $599 | $737 |
| 1 bedroom | $634 | $669 | $813 |
| 2 bedroom | $836 | $840 | $1,015 |
| 3 bedroom | $1,100 | $1,100 | $1,325 |
| 4 bedroom | $1,134 | $1,238 | $1,521 |
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