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Multifamily Loans in
Herriman, UT

Overview

Herriman is located in a good market for 5+ unit multifamily loans. Multifamily loans in Herriman are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Herriman are competitive. Herriman 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 Herriman.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Herriman, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Herriman 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 $7.5M
5 Year Fixed 3.37% - 3.61%
7 Year Fixed 3.28% - 3.52%
10 Year Fixed 3.52% - 3.76%
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®
$7.5M to $100M
5 Year Fixed 3.11% - 3.36%
7 Year Fixed 3.28% - 3.73%
10 Year Fixed 3.25% - 3.65%
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 Herriman 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 Herriman, UT

All major multifamily lender types are lending in Herriman.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 02, 2021


Herriman Market

The city of Herriman in Salt Lake County has a population of 51,348. The median rent in Salt Lake County for a 2 bedroom is $1,291. The median Herriman resident is 26 years old with a yearly income of $41,716. The average family has 4.25 members and a median household income of $101,460. Herriman has a 35% higher education rate. The unemployment rate in Herriman is 3.5%.


Population
51,348 people

County
Salt Lake County

Renters

12.5% of Herriman households are renters.


Rent Burden

24.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Herriman Demographics


Median Individual Income
$41,716 / year

Median Household Income
$101,460 / year

Families w/ Dual Incomes
68%

Unemployment Rate
3.5%
Household Income Distribution
Herriman, UT

Median Age
26 years

Avg Family Size
4.25 people
Age Distribution
Herriman, UT

College Education or Above
35%

STEM College Graduates
41%
Education Distribution
Herriman, UT
Source: U.S. Census Bureau

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