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Multifamily Loans in
Melrose Park, IL

Overview

Melrose Park is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Melrose Park are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Melrose Park are some of the lowest nationally. Melrose Park 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 Melrose Park.

Get multifamily loan quotes for Feb 13, 2025


Multifamily Loan Rates in Melrose Park, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Melrose Park 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 5.17% - 5.41%
7 Year Fixed 5.23% - 5.47%
10 Year Fixed 5.14% - 5.38%
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 5.55% - 5.70%
7 Year Fixed 5.56% - 5.71%
10 Year Fixed 5.56% - 5.71%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 02/12/2025. This is not an offer or commitment to lend. Multifamily loan rates in Melrose Park may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Feb 13, 2025


Multifamily Lenders in Melrose Park, IL

All major multifamily lender types are lending in Melrose Park.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Feb 13, 2025


Melrose Park Market

The city of Melrose Park in Cook County has a population of 24,703. The median rent in Cook County for a 2 bedroom is $1,417. The median Melrose Park resident is 33 years old with a yearly income of $26,979. The average family has 3.91 members and a median household income of $50,870. Melrose Park has a 13% higher education rate. The unemployment rate in Melrose Park is 4.6%.


Population
24,703 people

County
Cook County

Renters
49.6%

49.6% of Melrose Park households are renters.


Rent Burden
31.7%

31.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cook County 1
Illinois 2
National 2
Studio $1,104 $599 $737
1 bedroom $1,224 $669 $813
2 bedroom $1,417 $840 $1,015
3 bedroom $1,799 $1,100 $1,325
4 bedroom $2,147 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Melrose Park Demographics


Median Individual Income
$26,979 / year

Median Household Income
$50,870 / year

Families w/ Dual Incomes
53%

Unemployment Rate
4.6%
Household Income Distribution
Melrose Park, IL
Under 35kUnder 35k25k-35k25k-35k35k-50k35k-50k75k-100k75k-100k100k-150k100k-150k150k+150k+33.9151816.410.56.240.032.024.016.08.00.0
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Median Age
33 years

Avg Family Size
3.91 people
Age Distribution
Melrose Park, IL
Under 10Under 1010-1910-1920's20's30's30's40's40's50's50's60's60's70's70'sOver 80Over 8016.814.613.216.514.29.27.54.53.520.016.012.08.04.00.0
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College Education or Above
13%

STEM College Graduates
37%
Education Distribution
Melrose Park, IL
< High School< High SchoolHigh SchoolHigh SchoolSome CollegeSome CollegeBachelor'sBachelor'sGraduateGraduate28.134.624.58.74.136.027.018.09.00.0
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Source: U.S. Census Bureau

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