Apartment loan department

Apartment Loans

Top Multifamily Mortgage Programs

Apartment Loan Types

Fannie Mae Financing
Freddie Mac Financing
FHA Financing
Construction Financing
Conventional Multifamily Financing
CMBS Multifamily Financing
Insurance Financing
USDA Financing

To view our other types of commercial mortgages, click here: Commercial Loans.

Fannie Mae Financing

Fannie Mae financing is available nationwide in primary and secondary markets and is funded under the Fannie Mae Delegated Underwriting Services (DUS) Program. These loans are for stabilized properties only with a minimum $750,000 loan amount with rates that can be fixed or floating. FNMA financing can be used for traditional multifamily properties, student housing, affordable housing, or independent senior living. Maximum leverage is 80% on purchases and 75% on refinances within designated areas. Loans may be recourse or non-recourse.

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
Fannie Mae (FNMA)	$750,000	80%	3–30 Years	15–30 Years

Fannie Mae Info

Fannie Mae Rates

Freddie Mac Financing

A Freddie Mac Loan is a type of multifamily loan that is secured by a first-position mortgage on a traditional, student housing, senior housing, or affordable housing property. These mortgages may be held in the FHLMC portfolio (10% of mortgages) or sold to bond investors (90% of mortgages).

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
FHLMC	$1,000,000	80%	5–30 Years	30 Years

Freddie Mac Info

Freddie Mac Rates

FHA Financing - HUD Multifamily Financing

The Federal Housing Authority (FHA) guarantees these mortgages under the authority of the Department of Housing and Urban Development (HUD), making them available nationwide. FHA loans are for stabilized properties that have been in operating for at least 3 years (under the 223(f) program) or for the construction of large projects (under the 221(d)(4) program) and are underwritten for 35-40 year self-amortizing loans with attractive rates. FHA multifamily mortgages can be used for traditional multifamily properties, affordable housing, or senior living. Maximum leverage is currently 83.3% on purchases and 80% on refinances with a minimum loan amount of $5 million for purchase or refinance or $25 million for construction. Because the government guarantees these loans, they are always non-recourse, except standard carve-outs.

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
FHA/HUD	$3,000,000	83.3%	30–40 Years	30–40 Years

FHA Info

FHA Rates

Conventional Multifamily Financing

Called portfolio, wholesale or conventional multifamily mortgages, these loans are funded by a bank or other institutionalized lender which does not securitize or sell their loans into capital markets. Because loans are not sold into the secondary market, terms may be more flexible than a securitized loan and it is typically serviced by the lender. Maximum leverage can range from 75-85% (in limited circumstances and areas). Personal guarantees are typically required, may be waived or limited on occasion, depending on the leverage and program.

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
Conventional	$1,000,000	80%	3–15 Years	15–30 Years

Conventional Info

Conventional Rates

Conduit / CMBS Multifamily Loans

Conduit / CMBS loans are securitized loans that are pooled and sold on the secondary market. They are available nationwide in all markets and are available for stabilized properties with a minimum $2 million loan amount. CMBS multifamily loans are typically only for traditional multifamily complexes or independent senior living communities. Maximum leverage is 75% on both purchases and refinances and loans are always non-recourse.

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
Conduit / CMBS	$2,000,000	75%	5–10 Years	20–30 Years

Conduit Info

Conduit Rates

Commercial Real Estate Insurance Mortgages

Insurance mortgages are a type of portfolio loan that is typically funded by a life insurance company and offer the best rates and longest terms in the industry. Although there may be some availability for secondary markets, strong primary markets are highly preferred. Minimum loan amounts may vary based on the programs, but most products have a $5-10 million loan minimum. Insurance loans are typically the best fit for low leverage, high-performing buildings that are B class or greater and no more than 15 years old.

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
Insurance	$1,000,000	75%	5–30 Years	15–30 Years

Insurance Info

Insurance Rates

Construction Mortgages

Prosper Financing provides two types commercial loans for multifamily properties. These include FHA and conventional financing.

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
FHA Apartment Construction Loans	$3,000,000	83.3%	35–40 Years	35–40 Years
Conventional Construction Loans	$1,000,000	80%	3–15 Years	15–30 Years

Conventional Info

Conventional Rates

USDA Mortgages

USDA guaranteed mortgages can be used for any commercial real estate collateral that is located in a designated rural area (with a population of less than 50,000 people). Maximum LTV is 90% under some programs, but most have a maximum of 80-85%. USDA mortgages are almost always full recourse.

Loan Type	Min Loan Amount	Max LTV	Term Length	Amortization
USDA	$1,000,000	90%	5–15 Years	15–30 Years

USDA Info

USDA Rates