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Multifamily Loans in
North Salt Lake, UT

Overview

North Salt Lake is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in North Salt Lake are considered moderate risk due to market dynamics. Interest rates for multifamily loans in North Salt Lake are slightly higher than the national average. North Salt Lake apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in North Salt Lake.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in North Salt Lake, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Salt Lake 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 $6M
5 Year Fixed 3.56% - 3.75%
7 Year Fixed 3.37% - 3.61%
10 Year Fixed 3.61% - 3.85%
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®
$6M to $100M
5 Year Fixed 3.10% - 3.35%
7 Year Fixed 3.30% - 3.75%
10 Year Fixed 3.30% - 3.70%
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 North Salt Lake 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 North Salt Lake, UT

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in North Salt Lake.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 02, 2021


North Salt Lake Market

The city of North Salt Lake in Davis County has a population of 20,948. The median rent in Davis County for a 2 bedroom is $1,085. The median North Salt Lake resident is 30 years old with a yearly income of $37,883. The average family has 3.44 members and a median household income of $85,185. North Salt Lake has a 44% higher education rate. The unemployment rate in North Salt Lake is 2.5%.


Population
20,948 people

County
Davis County

Renters

27.4% of North Salt Lake households are renters.


Rent Burden

26.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Davis County 1
Utah 2
National 2
Studio $766 $659 $737
1 bedroom $863 $743 $813
2 bedroom $1,085 $922 $1,015
3 bedroom $1,522 $1,250 $1,325
4 bedroom $1,814 $1,497 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

North Salt Lake Demographics


Median Individual Income
$37,883 / year

Median Household Income
$85,185 / year

Families w/ Dual Incomes
65%

Unemployment Rate
2.5%
Household Income Distribution
North Salt Lake, UT

Median Age
30 years

Avg Family Size
3.44 people
Age Distribution
North Salt Lake, UT

College Education or Above
44%

STEM College Graduates
43%
Education Distribution
North Salt Lake, UT
Source: U.S. Census Bureau

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