Draper is located in a good market for 5+ unit multifamily loans. Multifamily loans in Draper are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Draper are competitive. Draper 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 Draper.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Draper 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 | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
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 | 5.93% - 6.08% |
| 7 Year Fixed | 5.99% - 6.14% |
| 10 Year Fixed | 5.99% - 6.14% |
All major multifamily lender types are lending in Draper.
The city of Draper in Salt Lake County has a population of 48,587. The median rent in Salt Lake County for a 2 bedroom is $1,291. The median Draper resident is 33 years old with a yearly income of $44,399. The average family has 3.64 members and a median household income of $117,266. Draper has a 50% higher education rate. The unemployment rate in Draper is 3.1%.
20.3% of Draper households are renters.
25.5% median household income spent on rent.
Bedrooms |
Salt Lake County 1 |
Utah 2 |
National 2 |
|---|---|---|---|
| Studio | $889 | $659 | $737 |
| 1 bedroom | $1,073 | $743 | $813 |
| 2 bedroom | $1,291 | $922 | $1,015 |
| 3 bedroom | $1,812 | $1,250 | $1,325 |
| 4 bedroom | $2,029 | $1,497 | $1,521 |
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