Multifamily Loan Programs - Commercial Real Estate Financing

Apartment Financing - Multifamily Mortgages

CLD is a correspondent lender and mortgage banking firm offering a wide variety of financing options for multifamily financing nationwide. Not only can we save you time by searching hundreds of loan programs for you, but we can also save you money. Because we have access to various financial institutions’ wholesale programs, we can offer you the most competitive interest rates with no up-front fees and reduced financing costs. We can also help you to build a real estate portfolio that maximizes your returns, whether that means financing for a long term hold, a short term flip, or any other specialized structure—just let your Loan Specialist know and we’ll do our best to accommodate your specific needs.


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

Multifamily Loan Products Available

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 *Property Type Min Loan Amount Max LTV Term Length Amortization
Fannie Mae (FNMA) A, AH, C, MH, SH, ST $750,000 80% 3-30 Years 15-30 Years
*A = Apartment AH = Affordable Housing C = Cooperative Housing MH = Manufactured Housing SH, = Senior Housing ST = Student Housing
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 Property Type * Min Loan Amount Max LTV Term Length Amortization
FHLMC A, AH, MH, SH $1,000,000 80% 5-30 Years 30 Years
*A = Apartment AH = Affordable Housing MH = Manufactured Housing SH = Senior Housing
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 Property Type * Min Loan Amount Max LTV Term Length Amortization
FHA / HUD A, AH, C, H, MC, SH, SNF $3,000,000 83.3% 30-40 Years 30-40 Years
*A = Apartment AH = Affordable Housing C = Cooperative H = Hospitals MC= Memory Care SH = Senior Housing SNF= Skilled Nursing Facilities
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 Property Type * Min Loan Amount Max LTV Term Length Amortization
Conventional A, H/M, I/W, M/H, MU, O, R, SS $1,000,000 80% 3-15 Years 15-30 Years
*A =Apartment H/M = Hotel/Motel I/W = Industrial/Warehouse M/H = Medical/Healthcare MU = Mixed Use O = Office R = Retail SS= Self-Storage
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 Property Type * Min Loan Amount Max LTV Term Length Amortization
Conduit / CMBS A, H/M, I/W, M/H,MU O, R, SS $2,000,000 75% 5-10 Years 20-30 Years
*A =Apartment H/M = Hotel/Motel I/W = Industrial/Warehouse M/H = Medical/Healthcare MU = Mixed Use O = Office R = Retail SS= Self-Storage
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 Property Type * Min Loan Amount Max LTV Term Length Amortization
Insurance A, H/M, I/W, MU, O, R $1,000,000 75% 5-30 Years 15-30 Years
*A = Apartment H/M = Hotel/Motel I/W = Industrial/Warehouse MU = Mixed Use O = Office R = Retail
Insurance Info Insurance Rates

In addition to traditional multifamily financing, CLD provides: