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Multifamily & Apartment Financing in Utah

Commercial Loan Direct (CLD) provides apartment loans in Utah. Current apartment loan rates in Utah range from 4.83% to 12.85%, depending on the loan program.

Utah Apartment Loan Rates

Loan Types Rates LTV Loan Amount
Fannie Mae 5.56% - 6.36% 80% $700,000+
Freddie Mac 5.86% - 9.33% 80% $1,000,000+
FHA 4.74% - 6.09% 83.3% $5,000,000+
Conduit / CMBS 5.71% - 7.64% 75% $2,000,000+
Insurance 5.21% - 8.49% 75% $5,000,000+
USDA 6.1% - 8.85% 85% $1,000,000+
Bridge 5.85% - 12.85% 80% $1,500,000+
Construction 5.6% - 8.85% 83.3% $1,000,000+
Conventional 4.83% - 8.85% 80.0% $1,000,000+

For more in-depth multifamily interest rates, please visit our Apartment Loan Rates page.

Note: The commercial mortgage rates displayed in this website should be used as a guideline and do not represent a commitment to lend. Commercial Loan Direct and CLD Financial, LLC are not liable for any commercial mortgage interest rate or data entry errors that might affect the displayed commercial loan rates. Commercial loan rates may change at any time and without notice.

Additional Multifamily Types

Additional Multifamily Mortgages

Locations Served in Utah

We are proud to be serving the state of Utah. Here are our commercial loan statistics for this state.

Utah Cities and Towns Served

30

Multifamily Commercial Loans in Utah (Summary)

Multifamily financing in Utah is available for residential properties with five or more units and is primarily underwritten based on the property’s net operating income (NOI) and financial performance. Lenders evaluate debt service coverage ratio (DSCR), occupancy trends, rent growth, borrower experience, and the strength of the local submarket.

Common Multifamily Loan Options

  • Agency loans (Fannie Mae and Freddie Mac): Best suited for stabilized properties with strong occupancy and operating history. These loans often offer long terms, competitive rates, and higher leverage for qualified borrowers.
  • Bank and credit union financing: Local and regional lenders are active throughout Utah and may provide flexible structures, especially for smaller properties or experienced investors.
  • Bridge loans: Short-term financing designed for value-add projects, lease-up situations, or property repositioning, with the intent to refinance into permanent financing once stabilized.
  • CMBS or debt fund financing: Often used for larger or more complex transactions, offering flexible underwriting but sometimes including stricter prepayment requirements.
  • Construction and rehabilitation loans: Used for ground-up development or significant renovations, typically requiring borrower experience, strong financials, and a clear exit strategy.

Key Underwriting Factors

  • Cash flow and DSCR: Reliable income sufficient to support debt payments is essential.
  • Occupancy and rent performance: Historical occupancy levels and market-supported rent growth are closely evaluated.
  • Borrower strength: Net worth, liquidity, and multifamily ownership or management experience influence loan structure and approval.
  • Property condition: Deferred maintenance or capital improvement needs may reduce proceeds or require reserve escrows.
  • Market fundamentals: Population growth, employment trends, new supply, and submarket demand.

Typical Uses for Multifamily Financing

  • Acquisition: Purchase stabilized or transitional apartment properties.
  • Refinance: Replace existing debt, lower borrowing costs, or access equity through cash-out.
  • Value-add strategies: Fund renovations, amenity upgrades, or operational improvements.
  • Ground-up development: Finance new construction with a plan to refinance after lease-up and stabilization.

Market-Specific Considerations in Utah

Utah’s multifamily market is supported by strong population growth, job expansion, and household formation, particularly along the Wasatch Front in areas such as Salt Lake City, Provo, Ogden, and Lehi. The state’s strong economy and in-migration support long-term rental demand, but lenders closely monitor new construction pipelines, affordability pressures, and realistic rent growth assumptions to ensure sustainable performance.

How to Improve Loan Approval and Terms

  • Provide complete financial documentation: Current rent roll, trailing 12-month operating statements, and a capital improvement plan if applicable.
  • Support projections with local market data: Use rent and occupancy comparables to justify assumptions.
  • Maintain adequate liquidity: Post-closing reserves and operating capital strengthen the loan request.
  • Match financing to the strategy: Bridge loans for transitional assets, long-term agency or bank financing for stabilized properties.

Lending Cities

Commercial loan direct provides services in the following Utah cities. Please note we may be able to provide services in other cities as well by request. Rates are dependent on the market in your locale, feel free to use the provided Utah economic reports to get a better understanding of your market.

  • Alpine
  • American Fork
  • Aurora
  • Ballard
  • Beaver
  • Beaver County
  • Benjamin
  • Benson
  • Blanding
  • Bluffdale
  • Bountiful
  • Box Elder County
  • Brigham City
  • Cache County
  • Canyon Rim
  • Carbon County
  • Carbonville
  • Castle Dale
  • Cedar City
  • Cedar Hills
  • Centerfield
  • Centerville
  • Clearfield
  • Clinton
  • Coalville
  • Cottonwood Heights
  • Daggett County
  • Daniel
  • Davis County
  • Delta
  • Draper
  • Duchesne
  • Duchesne County
  • Eagle Mountain
  • East Carbon City
  • East Millcreek
  • Elk Ridge
  • Elwood
  • Emery County
  • Enoch
  • Enterprise
  • Ephraim
  • Erda
  • Fairview
  • Farmington
  • Farr West
  • Ferron
  • Fillmore
  • Fountain Green
  • Francis
  • Fruit Heights
  • Garfield County
  • Garland
  • Genola
  • Grand County
  • Granite
  • Grantsville
  • Gunnison
  • Harrisville
  • Heber City
  • Helper
  • Herriman
  • Highland
  • Hildale
  • Hill Air Force Base
  • Holladay
  • Honeyville
  • Hooper
  • Huntington
  • Hurricane
  • Hyde Park
  • Hyrum
  • Iron County
  • Ivins
  • Juab County
  • Junction
  • Kamas
  • Kanab
  • Kane County
  • Kaysville
  • Kearns
  • LaVerkin
  • Layton
  • Lehi
  • Lewiston
  • Liberty
  • Lindon
  • Little Cottonwood Creek Valley
  • Loa
  • Logan
  • Maeser
  • Magna
  • Manila
  • Manti
  • Mapleton
  • Marriott-Slaterville
  • Mendon
  • Midvale
  • Midway
  • Milford
  • Millard County
  • Millcreek
  • Millville
  • Moab
  • Mona
  • Monroe
  • Monticello
  • Morgan
  • Morgan County
  • Moroni
  • Mount Olympus
  • Mount Pleasant
  • Mountain Green
  • Murray
  • Naples
  • Nephi
  • Nibley
  • North Logan
  • North Ogden
  • North Salt Lake
  • Oakley
  • Ogden
  • Oquirrh
  • Orangeville
  • Orem
  • Panguitch
  • Park City
  • Parowan
  • Payson
  • Perry
  • Piute County
  • Plain City
  • Pleasant Grove
  • Pleasant View
  • Price
  • Providence
  • Provo
  • Randolph
  • Rich County
  • Richfield
  • Richmond
  • River Heights
  • Riverdale
  • Riverton
  • Roosevelt
  • Roy
  • Saint George
  • Salem
  • Salina
  • Salt Lake City
  • Salt Lake County
  • San Juan County
  • Sandy
  • Sandy Hills
  • Sanpete County
  • Santa Clara
  • Santaquin
  • Saratoga Springs
  • Sevier County
  • Silver Summit
  • Smithfield
  • Snyderville
  • South Jordan
  • South Jordan Heights
  • South Ogden
  • South Salt Lake
  • South Weber
  • South Willard
  • Spanish Fork
  • Spring City
  • Spring Glen
  • Springville
  • Stansbury park
  • Summit County
  • Summit Park
  • Sunset
  • Syracuse
  • Taylorsville
  • Tooele
  • Tooele County
  • Toquerville
  • Tremonton
  • Uintah
  • Uintah County
  • Utah County
  • Vernal
  • Vineyard
  • Wasatch County
  • Washington
  • Washington County
  • Washington Terrace
  • Wayne County
  • Weber County
  • Wellington
  • Wellsville
  • Wendover
  • West Bountiful
  • West Haven
  • West Jordan
  • West Mountain
  • West Point
  • West Valley City
  • White City
  • Willard
  • Wolf Creek
  • Woodland Hills
  • Woods Cross

Commercial Loan FAQs in Utah

Multifamily interest rates in Utah vary based on loan type, property type, loan-to-value, debt service coverage ratio, borrower strength, and market conditions. They range from approximately 4.83% to 12.85%.

Borrowers in Utah can access Conventional, CMBS/Conduit, Insurance, FHA/HUD, USDA, Bridge, Construction, and SBA financing based on property type, leverage, and occupancy.

Multifamily loan rates in Utah depend on loan type, property cash flow, debt service coverage ratio, loan-to-value, borrower strength, and market conditions.

Yes. Owner-occupied financing is available in Utah, including Conventional, Insurance, SBA, USDA, and selected agency programs when eligibility requirements are met.

Yes. Refinance options in Utah include rate-and-term and cash-out structures, subject to underwriting, property performance, and lender program guidelines.

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