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Multifamily Loans in
Provo, UT

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Provo, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Provo 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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
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 Provo 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 Provo, UT

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


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 04, 2021


Provo Market

The city of Provo in Utah County has a population of 116,618. The median rent in Utah County for a 2 bedroom is $996. The median Provo resident is 24 years old with a yearly income of $15,450. The average family has 3.39 members and a median household income of $48,888. Provo has a 43% higher education rate. The unemployment rate in Provo is 4.6%.


Population
116,618 people

County
Utah County

Renters

60.4% of Provo households are renters.


Rent Burden

30.7% 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

Provo Demographics


Median Individual Income
$15,450 / year

Median Household Income
$48,888 / year

Families w/ Dual Incomes
67%

Unemployment Rate
4.6%
Household Income Distribution
Provo, UT

Median Age
24 years

Avg Family Size
3.39 people
Age Distribution
Provo, UT

College Education or Above
43%

STEM College Graduates
42%
Education Distribution
Provo, UT
Source: U.S. Census Bureau

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