Vernon Hills is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Vernon Hills are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Vernon Hills are some of the lowest nationally. Vernon Hills 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 Vernon Hills.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Vernon Hills 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% |
All major multifamily lender types are lending in Vernon Hills.
The city of Vernon Hills in Lake County has a population of 26,521. The median rent in Lake County for a 2 bedroom is $1,417. The median Vernon Hills resident is 39 years old with a yearly income of $50,724. The average family has 3.25 members and a median household income of $104,199. Vernon Hills has a 63% higher education rate. The unemployment rate in Vernon Hills is 3.7%.
35.6% of Vernon Hills households are renters.
27% median household income spent on rent.
Bedrooms |
Lake 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 |
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