Saratoga Springs is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Saratoga Springs are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Saratoga Springs are slightly higher than the national average. Saratoga Springs 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 Saratoga Springs.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Saratoga Springs are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.53% - 6.77% |
| 7 Year Fixed | 6.24% - 6.48% |
| 10 Year Fixed | 6.33% - 6.57% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Saratoga Springs.
The city of Saratoga Springs in Utah County has a population of 33,282. The median rent in Utah County for a 2 bedroom is $996. The median Saratoga Springs resident is 23 years old with a yearly income of $43,618. The average family has 4.41 members and a median household income of $102,531. Saratoga Springs has a 48% higher education rate. The unemployment rate in Saratoga Springs is 3.4%.
17.2% of Saratoga Springs households are renters.
23.6% median household income spent on rent.
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 |
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