Salt Lake City Commercial Mortgage Loans
$1,000,000 Minimum

Salt Lake City Commercial Mortgage Rates - Rates updated June 15th, 2021

Loan Product Rates (start as low as) LTV
Multifamily Mortgage Rates (Over $6,000,000) 2.59% Up to 80% Get Free Quote
Multifamily Mortgage Rates (Under $6,000,000) 3.19% Up to 80% Get Free Quote
Single Tenant Lease Rates 3.44% Up to 75% Get Free Quote
Business Real Estate Loans 3.69% Up to 90% Get Free Quote
Commercial Mortgage Rates 3.69% Up to 75% Get Free Quote
Salt Lake City Commercial Real Estate Salt Lake City Commercial Mortgage

Select Commercial is a leading commercial real estate lender. We have excellent commercial mortgage loan products and options available for owners and purchasers of commercial real estate and multifamily buildings throughout the city of Salt Lake City. While we lend across the entire continental United States, we are able to give our best rates and loan programs to certain areas that we feel are strong markets. Salt Lake City is one of the cities that we consider to be a premium market and we actively look to originate good quality loans here for our clients. We have a diverse array of many available loan products to help qualified Salt Lake City borrowers looking to purchase or refinance a commercial property. If you are looking to obtain a multifamily building loan or commercial real estate loan, don't hesitate to contact us. There are many reasons why our customers like doing business with Select Commercial. We have a simplified application process and we do not charge any upfront application or processing fees. We typically offer 24-hour pre-approvals with no-cost and no-obligation. Our long term fixed rates are excellent, and we look to close within 45 days of application.

Salt Lake City Commercial Mortgage Benefits

Salt Lake City commercial mortgage rates start as low as 2.59% (as of June 15th, 2021)
• No upfront application or processing fees
• Simplified application process
• Up to 80% LTV on multifamily, 75% on commercial (90% with SBA)
• Terms and amortizations up to 30 years
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation

Recent TRUSTPILOT Reviews

Select Commercial Funding Reviews from TRUSTPILOT

A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"


Recent Closings

Salt Lake City Multifamily Loan Information

Salt Lake City Economic Trends Salt Lake City Economic Trends

Another High Volume of Leasing Projected in 2020; Out-of-State Buyers Expand Local Presence

Metro records sixth straight year of robust multifamily leasing activity. Salt Lake City enters this year following a stretch of stout apartment demand that translated to the absorption of more than 23,000 multifamily units since 2015. Fueled by strong in-migration, vacancy reached a cycle-low level last year, placing the Wasatch Front on solid footing prior to a large influx of new apartment rentals. In 2020, more than 4,000 multifamily units are slated for finalization, bolstering the metro’s apartment inventory by over 3 percent, one of the largest increases registered in the nation. Three-fourths of this delivery volume is concentrated in the southern portion of Salt Lake County, with the majority of apartment completions occurring south of Interstate 215. The influx of new apartments will increase metro vacancy in the short term and could temporarily raise concessions usage, yet more than 3,400 multifamily units will be absorbed for the sixth consecutive year amid unwavering population growth. Investors looking to purchase multifamily property in the Salt Lake City market should definitely look into taking out an apartment loan to finance their acquisition.

Strong multifamily fundamentals and higher cap rates attract a greater mix of investors. Out-of state private buyers and institutional firms targeting value-add options or long-term holds are extremely active in downtown Salt Lake City. Here, opportunities to acquire both smaller Class C apartment complexes and higher-tier multifamily assets are frequently available, often via multi property transactions. Depending on quality and location, these multifamily assets provide buyers with 5 percent to low-6 percent returns. Sugar House and other neighborhoods south of downtown, off Interstate 80, garner attention from outside and in-state investors alike, as these areas house higher earning households and above-average rents. Class C apartment transactions dictate deal flow in these locales, with first-year yields hovering in the 5 percent range. Local high-net-worth individuals pushed out of the core are pursuing Class C multifamily listings in Ogden, Provo and other outlying portions of the metro. Salt Lake City is a great market for investors to finance their next apartment purchase with a multifamily loan.

2020 Salt Lake City Multifamily Market Forecast

Salt Lake City Completions vs. Absorption Salt Lake City Completions vs. Absorption

The Salt Lake City National Multifamily Index Rank is at 19. Salt Lake City holds steady in the NMI this year as employment slows and rising vacancy tempers rent gains.

Employment in Salt Lake City is up 1.7%. Employers bolster payrolls by 22,000 positions this year with softer growth than last year’s 2.5 percent increase as a shortage of available labor prevents a larger gain from occurring.

Construction in Salt Lake City is expected to exceed 4,300 units. Driven by large-scale completions in southern suburbs, delivery volume increases by more than 2,000 units on a year-over-year basis in 2020.

Vacancy in Salt Lake City is up 50 bps. Vacancy climbs to 3.8 percent this year amid a wave of project deliveries. Last year, vacancy dropped by 100 basis points.

Rent in Salt Lake City is up 6%. The metro’s average effective rent elevates to $1,270 per month, with the annual pace of rate growth down slightly from last year.

Investment opportunities in San Bernardino remain strong for those looking to finance their next purchase with an apartment loan. Initial returns in the 5 percent range will continue to attract out-of-state buyers to Salt Lake City’s core during a span of rapidly rising asset values. We highly recommend any investors looking to buy in the San Bernardino market to reach out to us regarding a multifamily loan.

Data provided by Marcus & Millichap.

Commercial Mortgage Rate Trends in 2020

Salt Lake City Vacancy and Rents Salt Lake City Vacancy and Rents

At the beginning of 2020 the overall market outlook did not suggest any crucial factors that would negatively impact the commercial mortgage market. Commercial mortgage lenders and investors expected a very profitable 2020. Almost 65 percent of the top commercial real estate companies believed that commercial mortgage loan originations would go up this year and over 15 percent anticipated an overall rise of over 5 percent. Data released at the beginning of 2020 indicated that commercial mortgage lenders were expected to close over $680 billion of commercial mortgage loans this year. Experts were of the belief that commercial mortgage lenders would remain bullish about making loans. In addition, as commercial mortgages rates were expected to go down most industry leaders were convinced that borrowers in 2020 will have a strong desire to take out commercial mortgage loans. However, with the recent outbreak of the Covid-19 pandemic, the US and global economy has been incredibly unstable. The stock market seems to be bottoming out and commercial mortgage rates have been hit very hard. While the Fed has dropped short term interest rates, long term commercial mortgage rates have actually been rising. Huge cities like New York are shutting down. In this economic climate, many investors are scared to purchase commercial real estate and to take out commercial mortgages. Additionally, the oil industry has been hit hard. Not only are people traveling less due to coronavirus, China and Russia are currently involved in a price war which is driving the price of oil way down. Many people are optimistic that as spring and summer roll in and public health officials learns how to handle this pandemic, the economy should regain its strength.

What Happened with Commercial Mortgage Rates in 2019

Salt Lake City Sales Trends Salt Lake City Sales Trends

As we review the 2019 year, the commercial real estate market continued to flourish as the longest economic recovery in American history continued. Due to both GDP growth and a steady decline in the unemployment rate, 2019 saw the stock market make huge gains. Many investors thought that commercial mortgage rates would go up last year. However, in actuality commercial mortgage rates actually went down three times. These interest rates helped to spur investors to put more money into commercial real estate. With regards to commercial mortgage loan origination, the 2019 fiscal year far exceeded expectations due to solid fundamentals, low interest rates and higher demand for commercial mortgages. While 2018 commercial mortgage volume totaled about $339 billion, an increase of 18.9% from 2017, the 2019 numbers total about $369 billion. On a larger scale, the 2019 economy prospered overall. Over the course of the year about 2.1 million jobs were added to the market. In addition, the unemployment rate decreased about 50 basis points last year, matching the lowest unemployment rate in fifty years. At the beginning of 2019 many investors were expecting a recession. However, the economy improved as job growth rose and the unemployment rate decreased. This economic improvement had an immensely positive impact on the commercial real estate market as more investors rushed to put their money into commercial properties.

Salt Lake City Commercial Mortgage Loan Options

Our staff is professional and knowledgeable, and we look forward to working with you on your next commercial mortgage transaction. We arrange financing in the city of Salt Lake City for the following:


  • Multifamily Building Loans – we actively lend on garden apartments, high-rise multifamily buildings, student housing complexes, underlying cooperatives, and all other types of residential dwellings. We consider loan requests up to 80% LTV. We offer loans with and without recourse (personal guarantees) and with and without prepayment penalties. We offer fixed rate loans with terms from 3 to 30 years.
  • Office Building Loans – we lend on all types of office properties, including multi-tenant and single tenant buildings in all locations. We lend on both owner occupied and investor properties. We typically lend up to 75% LTV on investor properties and up to 90% on owner occupied properties. Most loans are written for either 5, 7, or 10 years at a fixed rate with a 25-year amortization.
  • Retail Building Loans – we gladly consider requests for commercial mortgage loans on shopping centers, retail strip centers, and individual retail stores. We are a little bit more conservative on retail loans these days based on the current climate for retailers and will consider LTV ratios of 65%-75% depending on the deal. We actively lend on NNN single tenant retail locations such as Starbuck’s, CVS, Walgreens, Dollar General, and other national credit rated tenants.
  • Industrial Property Loans – we love to lend on warehouses, distribution centers, manufacturing facilities and other industrial properties. Often, these properties are owner occupied by the owner’s business. We also lend on multi-tenant industrial properties as well. We look for properties in good locations with access to population centers and transportation.
  • Single/Special Use Loans – we have a special lending division that understands small business lending secured by owner occupied businesses such as motels, gas stations, restaurants, car washes, retail stores, and other specialty properties. Many banks have a hard time with this type of lending as they often do not understand the underlying businesses.
  • Investment Property Loans – any and all income producing property will be considered. We are cash flow driven lenders and look for properties that generate positive cash flow for their owners. We will consider portfolios of single family residences under this group.
  • Bridge Loans – many borrowers do not qualify for regular institutional financing due to various short-term obstacles which need to be resolved before they can qualify for bank type financing. These borrowers often require short term loans, or bridge loans, to overcome these short-term problems.
Our company has multiple capital sources for these loans, including: national banks, regional and local banks, Fannie Mae, Freddie Mac, FHA, HUD, insurance companies, Wall Street conduit lenders (CMBS deals), credit unions and private lenders/hedge funds. Whether you are purchasing or refinancing, we have the right solutions available. We will entertain loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

Salt Lake City Commercial Mortgage Loans

Select Commercial provides commercial mortgage loans and multifamily financing throughout Salt Lake City and the state of Utah including, but not limited to, the areas below.


Avenues, Capitol Hill, Downtown, East Bench, East Central, Northwest Coalition, Sugarhouse, West Salt Lake