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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Millcreek 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 Millcreek.
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%.
39.4% of Millcreek households are renters.
25.8% 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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