Urbana is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Urbana are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Urbana are slightly higher than the national average. Urbana 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 Urbana.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Urbana 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 Urbana.
The city of Urbana in Champaign County has a population of 42,214. The median rent in Champaign County for a 2 bedroom is $937. The median Urbana resident is 25 years old with a yearly income of $21,577. The average family has 2.84 members and a median household income of $37,102. Urbana has a 60% higher education rate. The unemployment rate in Urbana is 6.4%.
64.4% of Urbana households are renters.
45.8% 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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