Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Salt Lake City, Utah
Salt Lake City Apartment Loans in 2026
Select Commercial specializes in Salt Lake City apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 6.16% and up to 80% LTV. For properties elsewhere in the state, see our Utah apartment loans; for loans over $6 million, see Salt Lake City multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Salt Lake City
Salt Lake City apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Utah apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Salt Lake City Apartment Loan Rates (Under $6 Million)
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Apartment 5 Year Fixed | 6.16% | Up to 80% |
| Apartment 7 Year Fixed | 6.14% | Up to 80% |
| Apartment 10 Year Fixed | 6.16% | Up to 80% |
- Rates as low as 6.16% on Salt Lake City apartment loans
- Up to 80% LTV on apartment financing
- Terms and amortizations up to 30 years
- Purchase and refinance, including cash-out
- No upfront application or processing fees
- 48-hour written pre-approvals, no cost or obligation
Rates last updated August 6, 2026. Rates and maximum LTV shown represent our best-case pricing scenarios. Actual rates, LTV, and loan terms are subject to underwriting approval and may vary.
Compare Salt Lake City Apartment Loan Programs
As a broker, we compare every program to find your best-fit Salt Lake City apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.16%-6.95% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $1M to $7.5M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25%-6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most apartment lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x. For properties over $6 million, see our Salt Lake City multifamily loans.
2026 Salt Lake City Apartment Loan Market: Diminishing Supply Overhang Lifts the Outlook
Salt Lake City enters 2026 on firmer footing as many suburban submarkets recorded triple-digit basis-point vacancy declines last year. A lighter delivery slate and sustained government and healthcare hiring should compress vacancy further.
Employment
Salt Lake City's employment total posts a net gain of 6,000 jobs, as hiring picks up later in the year after a soft winter.
Construction and supply
Although roughly 1,200 fewer apartments will open this year than last, an inventory growth rate of 1.9 percent remains among the 10 fastest paces among ranked markets for 2026.
Vacancy
The vacancy rate falls to 4.5 percent as new renter demand turns toward the decade average following record highs.
Rent trend
The metro's average effective rent rises to $1,554 per month, with growth taking some time to return to this pace after declines in 2023 and 2024.
2026 Salt Lake City forecast at a glance:
- Employment posts a net gain of 6,000 jobs.
- Inventory grows 1.9 percent, among the 10 fastest paces nationally.
- Vacancy falls to 4.5 percent as demand normalizes.
- Average effective rent rises to $1,554 per month.
Salt Lake City Multifamily Loans (Over $6 Million)
For larger Salt Lake City apartment properties, we arrange multifamily loans over $6 million through Fannie Mae DUS, Freddie Mac, FHA/HUD and CMBS. These institutional programs offer non-recourse financing, up to 80% LTV and fixed terms up to 30 years, with even longer fully amortizing options through HUD.
See our Salt Lake City multifamily loans page for over-$6 million financing, or explore Fannie Mae and Freddie Mac agency programs.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Salt Lake City Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Salt Lake City apartment building, we arrange financing for:
- Large urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and single-family rental properties
- Other multifamily and mixed-use properties
We consider apartment loan requests of all sizes, beginning at $1,500,000.
Other Property & Loan Types We Finance in Salt Lake City
As a full-service commercial mortgage broker, we arrange Salt Lake City financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Salt Lake City Neighborhoods We Serve
Select Commercial provides apartment loans throughout Salt Lake City, Utah and the surrounding area, including:
- Downtown
- The Avenues
- Sugar House
- Marmalade District
- Central Ninth
- 9th and 9th
- Liberty Wells
- Rose Park
- Glendale
- Poplar Grove
- Federal Heights
- Yalecrest
- Capitol Hill
- East Central
- Ballpark
- Millcreek
For other cities in the state, see Utah apartment loans.
Nearby Apartment Loan Markets
We finance apartment buildings nationwide. Explore related markets:
What Our Clients Say
“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, IL“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“Select Commercial offered 100% financing for my medical practice when my bank would have required 20% down. They delivered something my bank could not, and handled everything professionally.”
John C. · Boston, MAGet Your Salt Lake City Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Salt Lake City apartment loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up