Multifamily · Nationwide
Multifamily financing.
Bridge, construction, renovation, and stabilized debt for apartment buildings nationwide. Class A new construction to Class C value-add. $1M to $50M+, all 50 states.
By David Hodara ·
$1M-$50M+
Loan range
24-48h
Term sheet
7-10 days
Bridge close
All 50 states
Coverage
multifamily market context
Multifamily is the largest, most liquid CRE asset class in the United States. Apartment loans are made against properties of 5+ units, financed by a deep stack of lenders including agency (Fannie Mae, Freddie Mac SBL), debt funds, balance-sheet banks, life companies, and bridge specialists. Each layer of the stack maps to a stage of the property lifecycle: bridge for acquisition and lease-up, renovation for value-add, construction for ground-up, and permanent (agency or bank) for stabilized hold.
Underwriting multifamily centers on three numbers: NOI (net operating income), DSCR (debt service coverage ratio), and the local cap rate. Bridge lenders care about as-is value plus a credible exit story. Permanent lenders care about stabilized DSCR (typically 1.20-1.25x minimum) and historical T-12 financials. The fastest closes happen on properties with current rent rolls, complete sponsor docs, and a clean appraisal trajectory.
Geographic spread matters. Sun Belt markets (Florida, Texas, Arizona, Georgia, the Carolinas) lead in absorption and rent growth. Coastal markets (California, New York) carry rent control regulatory weight. Midwest secondary markets (Columbus, Indianapolis, Cincinnati) trade at wider cap rates with steadier yields. Lenders price each segment differently — our network spans all of them.
Typical loan products for multifamily
Each deal gets routed to the product structure that fits.
Bridge loans
Short-term financing (6-24 months) for acquisition, reposition, lease-up, or recap. 7-10 day close on clean files, 8-12% interest-only, up to 75-80% LTV.
Construction loans
Ground-up or heavy rehab financing with milestone-based draws. 12-24 month term, up to 85% LTC, interest-only on drawn balance.
Renovation / rehab loans
Acquisition + rehab in a single facility. Up to 90% of purchase price + 100% of rehab cost. Interest-only with rehab draws.
DSCR loans
Long-term rental property financing qualified on property cash flow, not personal income. 30-year fixed available, up to 80% LTV.
Multifamily financing by state
State-specific dynamics affect every multifamily deal — insurance, property tax, rent regulation, entitlement timelines, lender pool composition. Browse the per-state pages.
Related questions
Common multifamily-related questions answered in our knowledge base.
multifamily FAQ
What is the minimum unit count for multifamily financing?
Most multifamily lender programs start at 5+ units. Under 5 units (2-4 unit properties) are classified residential and financed through DSCR or conventional channels. Our network spans both — we route 2-4 unit deals to DSCR/SFR programs and 5+ unit deals to multifamily lenders.
What's typical leverage on a multifamily bridge loan?
75-80% LTV on stabilized acquisitions, 70-75% on value-add or transitional. Class A new construction gets the highest leverage; Class C or distressed assets see lower LTV with corresponding pricing.
Are agency loans (Fannie, Freddie) part of your network?
Yes — we work with agency multifamily lenders for stabilized refinances and acquisitions in the $1M-$50M+ range. Freddie Mac SBL is particularly active under $10M. We also route to balance-sheet banks and debt funds when agency doesn't fit (recent acquisition, mid-renovation, sponsor profile gaps).
Do you finance multifamily ground-up construction?
Yes — construction loans up to 85% LTC for experienced developers, 65-75% LTC for first-time multifamily developers. Pre-leasing not required at close but encouraged in soft markets. Interest reserve sized to lease-up.
How does rent control affect financing?
It depends on the market. California (Costa-Hawkins + AB 1482), New York (HSTPA + Rent Guidelines Board), and a handful of Oregon and Washington cities have meaningful rent control regimes. Lenders underwrite with growth caps baked in, which materially affects LTV and pricing. Outside these markets, market-rent multifamily prices similarly to other Sun Belt comps.
Got a multifamily deal? Send it over.
Term sheet inside 48 hours, or a clear no so you can move on.