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Multifamily Loans in
Orem, UT

Overview

Orem is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Orem are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Orem are slightly higher than the national average. Orem 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 Orem.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Orem, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Orem 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 3.16% - 3.41%
7 Year Fixed 3.33% - 3.78%
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 Orem 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 Orem, UT

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


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


Orem Market

The city of Orem in Utah County has a population of 97,828. The median rent in Utah County for a 2 bedroom is $996. The median Orem resident is 27 years old with a yearly income of $25,551. The average family has 3.63 members and a median household income of $64,590. Orem has a 40% higher education rate. The unemployment rate in Orem is 3.9%.


Population
97,828 people

County
Utah County

Renters

40% of Orem households are renters.


Rent Burden

27.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Utah County 1
Utah 2
National 2
Studio $819 $659 $737
1 bedroom $874 $743 $813
2 bedroom $996 $922 $1,015
3 bedroom $1,425 $1,250 $1,325
4 bedroom $1,724 $1,497 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Orem Demographics


Median Individual Income
$25,551 / year

Median Household Income
$64,590 / year

Families w/ Dual Incomes
63%

Unemployment Rate
3.9%
Household Income Distribution
Orem, UT

Median Age
27 years

Avg Family Size
3.63 people
Age Distribution
Orem, UT

College Education or Above
40%

STEM College Graduates
39%
Education Distribution
Orem, UT
Source: U.S. Census Bureau

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