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.
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 | 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 Spanish Fork.
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%.
24.1% of Spanish Fork households are renters.
27.2% 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 |
We're here to help.