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Multifamily Loans in
South Salt Lake, UT

Overview

South Salt Lake is located in a good market for 5+ unit multifamily loans. Multifamily loans in South Salt Lake are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in South Salt Lake are competitive. South Salt Lake 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 South Salt Lake.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in South Salt Lake, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in South 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 $7.5M
5 Year Fixed 3.37% - 3.61%
7 Year Fixed 3.28% - 3.52%
10 Year Fixed 3.52% - 3.76%
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®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
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 South 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 04, 2021


Multifamily Lenders in South Salt Lake, UT

All major multifamily lender types are lending in South Salt Lake.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 04, 2021


South Salt Lake Market

The city of South Salt Lake in Salt Lake County has a population of 25,582. The median rent in Salt Lake County for a 2 bedroom is $1,291. The median South Salt Lake resident is 32 years old with a yearly income of $28,499. The average family has 3.18 members and a median household income of $47,813. South Salt Lake has a 25% higher education rate. The unemployment rate in South Salt Lake is 5.5%.


Population
25,582 people

County
Salt Lake County

Renters

59.9% of South Salt Lake households are renters.


Rent Burden

30.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

South Salt Lake Demographics


Median Individual Income
$28,499 / year

Median Household Income
$47,813 / year

Families w/ Dual Incomes
63%

Unemployment Rate
5.5%
Household Income Distribution
South Salt Lake, UT

Median Age
32 years

Avg Family Size
3.18 people
Age Distribution
South Salt Lake, UT

College Education or Above
25%

STEM College Graduates
48%
Education Distribution
South Salt Lake, UT
Source: U.S. Census Bureau

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