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Multifamily Loans in
Spanish Fork, UT

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Spanish Fork, UT

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Spanish Fork 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 Spanish Fork 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 Spanish Fork, UT

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


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


Spanish Fork Market

The city of Spanish Fork in Utah County has a population of 40,913. The median rent in Utah County for a 2 bedroom is $996. The median Spanish Fork resident is 25 years old with a yearly income of $30,409. The average family has 4.1 members and a median household income of $78,490. Spanish Fork has a 32% higher education rate. The unemployment rate in Spanish Fork is 2.1%.


Population
40,913 people

County
Utah County

Renters

24.1% of Spanish Fork 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

Spanish Fork Demographics


Median Individual Income
$30,409 / year

Median Household Income
$78,490 / year

Families w/ Dual Incomes
67%

Unemployment Rate
2.1%
Household Income Distribution
Spanish Fork, UT

Median Age
25 years

Avg Family Size
4.1 people
Age Distribution
Spanish Fork, UT

College Education or Above
32%

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

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