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Multifamily Loans in
Cedar City, UT

Overview

Cedar City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Cedar City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Cedar City are higher than the national average. Cedar City apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Cedar City.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Cedar City, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cedar City are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.73% - 3.97%
7 Year Fixed 3.54% - 3.78%
10 Year Fixed 3.78% - 4.02%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.15% - 3.40%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Cedar City 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 Dec 02, 2021


Multifamily Lenders in Cedar City, UT

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Cedar City.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 02, 2021


Cedar City Market

The city of Cedar City in Iron County has a population of 34,764. The median rent in Iron County for a 2 bedroom is $789. The median Cedar City resident is 26 years old with a yearly income of $24,249. The average family has 3.31 members and a median household income of $48,346. Cedar City has a 35% higher education rate. The unemployment rate in Cedar City is 4.7%.


Population
34,764 people

County
Iron County

Renters

47.6% of Cedar City households are renters.


Rent Burden

30.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Iron County 1
Utah 2
National 2
Studio $521 $659 $737
1 bedroom $692 $743 $813
2 bedroom $789 $922 $1,015
3 bedroom $1,100 $1,250 $1,325
4 bedroom $1,360 $1,497 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Cedar City Demographics


Median Individual Income
$24,249 / year

Median Household Income
$48,346 / year

Families w/ Dual Incomes
53%

Unemployment Rate
4.7%
Household Income Distribution
Cedar City, UT

Median Age
26 years

Avg Family Size
3.31 people
Age Distribution
Cedar City, UT

College Education or Above
35%

STEM College Graduates
37%
Education Distribution
Cedar City, UT
Source: U.S. Census Bureau

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