Illinois: In the Spotlight
Illinois, often known as the Prairie State, is home to roughly 12.8 million people. The state of Illinois is the 5th most populous state and is also home to cities like Chicago, which is the third-largest city in the United States, with more than 2.6 million residents in the city. Springfield, the state’s capital city, is another key location in the state, with more than 113,000 people calling the region home.
- The world’s very first skyscraper was built in Chicago, Illinois in 1885.
- State Farm Mutual Auto Ins. Co. is the largest employer in Illinois, with over 13,000 employees.
- Food services, Construction, and Utilities are the largest industries in the state.
- The average age in Illinois is 38 years old.
- Illinois has 5.5 million employees across the state.
- The homeownership rate is just over 66%, which leaves 34% of the residents looking for apartments and rental properties.
Illinois Apartment Loan and Multifamily Property Facts
Illinois is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, for many, was a little slow, but it still made some big impacts.
- Illinois is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Illinois are 0.69% higher than the previous year.
- The average rent in Illinois is $1,010.
The market for commercial real estate in Illinois is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
Illinois Apartment Loan and Lending Options
In the state of Illinois, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Chicago or a simple eight-unit property in an up-and-coming neighborhood of Rockford. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS Loans
- Apartment construction loans
- And more!
Finance Your Illinois Apartment Building Now
Apartment.loans has an expert team specializing in apartment building loan products and options available for borrowers and investors of apartment properties throughout Illinois. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a cooperative, our team endeavors to meet all of your apartment mortgage loan needs. Illinois is a state that has been a decently strong market for apartment property loans and we are no strangers to arranging high-quality loans in the state for investors. We have a plethora of many available loan products to help qualified borrowers purchase or refinance an apartment property.
Apartment.loans offers apartment loans with terms and amortizations of up to 30 years, with recourse and non-recourse options, and flexibility when it comes to prepayment. Illinois apartment building loans typically close within 45 days of application. With the apartment.loans streamlined application process (with no-cost and no-obligations), gain unbiased access to the best possible apartment financing in the state of Illinois!
Our apartment loan brokerage and lending strengths are available in markets throughout the state, with a particularly strong presence in Chicago, Aurora, Springfield, and Rockford.
Apartment loans from $750,000 and up.