Decatur is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Decatur are considered greater risk due to market dynamics. Interest rates for multifamily loans in Decatur are higher than the national average. Decatur 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 Decatur.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Decatur 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 Decatur.
The city of Decatur in Macon County has a population of 70,746. The median rent in Macon County for a 2 bedroom is $825. The median Decatur resident is 40 years old with a yearly income of $25,417. The average family has 2.98 members and a median household income of $42,701. Decatur has a 20% higher education rate. The unemployment rate in Decatur is 9.2%.
38.6% of Decatur households are renters.
34.3% median household income spent on rent.
Bedrooms |
Macon County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $544 | $599 | $737 |
| 1 bedroom | $656 | $669 | $813 |
| 2 bedroom | $825 | $840 | $1,015 |
| 3 bedroom | $1,143 | $1,100 | $1,325 |
| 4 bedroom | $1,187 | $1,238 | $1,521 |
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