Granite City is located in a good market for 5+ unit multifamily loans. Multifamily loans in Granite City are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Granite City are competitive. Granite City apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Granite City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Granite City 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 10 Year Fixed | 5.19% - 5.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Granite City.
The city of Granite City in Madison County has a population of 28,158. The median rent in Madison County for a 2 bedroom is $1,005. The median Granite City resident is 42 years old with a yearly income of $26,850. The average family has 2.93 members and a median household income of $51,469. Granite City has a 13% higher education rate. The unemployment rate in Granite City is 7.7%.
35.6% of Granite City households are renters.
33.7% median household income spent on rent.
Bedrooms |
Madison County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $719 | $599 | $737 |
| 1 bedroom | $783 | $669 | $813 |
| 2 bedroom | $1,005 | $840 | $1,015 |
| 3 bedroom | $1,311 | $1,100 | $1,325 |
| 4 bedroom | $1,543 | $1,238 | $1,521 |
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