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Multifamily Loans in
Tooele, UT

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Tooele, UT

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

All major multifamily lender types are lending in Tooele.


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


Tooele Market

The city of Tooele in Tooele County has a population of 36,015. The median rent in Tooele County for a 2 bedroom is $1,004. The median Tooele resident is 31 years old with a yearly income of $31,919. The average family has 3.57 members and a median household income of $63,851. Tooele has a 18% higher education rate. The unemployment rate in Tooele is 6.0%.


Population
36,015 people

County
Tooele County

Renters

19.8% of Tooele households are renters.


Rent Burden

35.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Tooele County 1
Utah 2
National 2
Studio $720 $659 $737
1 bedroom $803 $743 $813
2 bedroom $1,004 $922 $1,015
3 bedroom $1,409 $1,250 $1,325
4 bedroom $1,738 $1,497 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Tooele Demographics


Median Individual Income
$31,919 / year

Median Household Income
$63,851 / year

Families w/ Dual Incomes
57%

Unemployment Rate
6.0%
Household Income Distribution
Tooele, UT

Median Age
31 years

Avg Family Size
3.57 people
Age Distribution
Tooele, UT

College Education or Above
18%

STEM College Graduates
41%
Education Distribution
Tooele, UT
Source: U.S. Census Bureau

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