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Multifamily Loans in
Millcreek, UT

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Millcreek, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Millcreek 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 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Millcreek 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 04, 2021


Multifamily Lenders in Millcreek, UT

All major multifamily lender types are lending in Millcreek.


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 04, 2021


Millcreek Market

The city of Millcreek in Salt Lake County has a population of 61,450. The median rent in Salt Lake County for a 2 bedroom is $1,291. The median Millcreek resident is 37 years old with a yearly income of $35,283. The average family has 3.14 members and a median household income of $72,134. Millcreek has a 51% higher education rate. The unemployment rate in Millcreek is 3.3%.


Population
61,450 people

County
Salt Lake County

Renters

39.4% of Millcreek households are renters.


Rent Burden

25.8% 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

Millcreek Demographics


Median Individual Income
$35,283 / year

Median Household Income
$72,134 / year

Families w/ Dual Incomes
57%

Unemployment Rate
3.3%
Household Income Distribution
Millcreek, UT

Median Age
37 years

Avg Family Size
3.14 people
Age Distribution
Millcreek, UT

College Education or Above
51%

STEM College Graduates
49%
Education Distribution
Millcreek, UT
Source: U.S. Census Bureau

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