MULTIFAMILY (5+ UNITS) · Illinois (IL) Underwriting Matrix · Stephen R. Mannenbach, J.D., MBA

Illinois Multifamily Loans (5–8, 5–9, 5–10, 5–25 & 5+ Unit Apartment Financing) — 2026 Rates, LTV Caps & State Rules

Illinois Multifamily (5+ Units) provide business-purpose real estate investors with Up to 75%–80% LTV Purchase / 70%–75% Cash-Out across loan amounts from $100,000 – $15,000,000+ at 6.50% – 8.50% (Perm) / 8.99%+ (Value-Add Bridge) (30-Yr Fixed, 5/1 & 7/1 ARM, 10-Yr IO, 24-Mo Bridge, 660+ FICO min FICO, 21 – 30 Business Days close). In Illinois (IL), lenders underwrite to a Judicial (Illinois Mortgage Foreclosure Law) statutory framework (210–300 days-day average timeline), a 2.08% average property tax rate (~$546/mo at the $315,000 state median), and $560/$100K hazard insurance (~$147/mo).

Max Leverage / LTC
Up to 75%–80% LTV Purchase / 70%–75% Cash-Out
Min FICO: 660+ FICO
2026 Rate Band
6.50% – 8.50% (Perm) / 8.99%+ (Value-Add Bridge)
30-Yr Fixed, 5/1 & 7/1 ARM, 10-Yr IO, 24-Mo Bridge
IL Security Instrument
Judicial (Illinois Mortgage Foreclosure Law)
210–300 days days avg timeline
IL Avg Tax & Ins
2.08% Tax
$560/$100K Hazard Ins

Illinois County-Level Property Tax & Insurance Hubs (4)

Cook County, IL
Cook County, IL · 2.15% Tax · $640/$100K Ins
DuPage County, IL
DuPage County, IL · 2.08% Tax · $590/$100K Ins
Lake County, IL
Lake County, IL · 2.28% Tax · $610/$100K Ins
Will County, IL
Will County, IL · 2.19% Tax · $600/$100K Ins

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Illinois Multifamily (5+ Units) (2026) — Up to 75%–80% LTV Purchase / 70%–75% Cash-Out, 6.50% – 8.50% (Perm) / 8.99%+ (Value-Add Bridge) | Stephen R. Mannenbach | Stephen Mannenbach