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Multifamily Loans in
Magna, UT

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Magna, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Magna 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 Magna 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 Magna, UT

All major multifamily lender types are lending in Magna.


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


Magna Market

The city of Magna in Salt Lake County has a population of 26,949. The median rent in Salt Lake County for a 2 bedroom is $1,291. The median Magna resident is 31 years old with a yearly income of $29,714. The average family has 3.85 members and a median household income of $63,075. Magna has a 10% higher education rate. The unemployment rate in Magna is 5.2%.


Population
26,949 people

County
Salt Lake County

Renters

24.7% of Magna households are renters.


Rent Burden

31.8% 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

Magna Demographics


Median Individual Income
$29,714 / year

Median Household Income
$63,075 / year

Families w/ Dual Incomes
65%

Unemployment Rate
5.2%
Household Income Distribution
Magna, UT

Median Age
31 years

Avg Family Size
3.85 people
Age Distribution
Magna, UT

College Education or Above
10%

STEM College Graduates
47%
Education Distribution
Magna, UT
Source: U.S. Census Bureau

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