Commercial Loan Direct (CLD) provides commercial real estate loans in Hawaii. Current commercial loan rates in Hawaii range from 5.14% to 12.9% depending on the loan program.
Hawaii Apartment Loan Rates
| Loan Types | Rates | LTV | Loan Amount |
|---|---|---|---|
| Fannie Mae | 5.61% - 6.41% | 80% | $700,000+ |
| Freddie Mac | 5.91% - 9.38% | 80% | $1,000,000+ |
| FHA | 5.02% - 6.37% | 83.3% | $5,000,000+ |
| Conduit / CMBS | 5.78% - 7.71% | 75% | $2,000,000+ |
| Insurance | 5.28% - 8.55% | 75% | $5,000,000+ |
| USDA | 6.15% - 8.9% | 85% | $1,000,000+ |
| Bridge | 5.9% - 12.9% | 80% | $1,500,000+ |
| Construction | 5.65% - 8.9% | 83.3% | $1,000,000+ |
| Conventional | 5.14% - 8.9% | 80.0% | $1,000,000+ |
For more in-depth multifamily interest rates, please visit our Apartment Loan Rates page.
Note: The commercial mortgage rates displayed in this website should be used as a guideline and do not represent a commitment to lend. Commercial Loan Direct and CLD Financial, LLC are not liable for any commercial mortgage interest rate or data entry errors that might affectthe displayed commercial loan rates. Commercial loan rates may change at any time and without notice.
Ready to Get a Multifamily Loan Quote in Hawaii?
Hawaii Interest Rates starting at 5.14%. Tell us about your property and financing goals. We will match your request with lending options based on program fit and current market conditions.
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Additional Multifamily Mortgages
- Affordable Housing Financing
- Student Housing Financing
- Military Housing
- Manufactured Housing Financing
- Seniors Housing Financing
- Cooperative Housing
Locations Served in Hawaii
We are proud to be serving the state of Hawaii. Here are our commercial loan statistics for this state.
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The 2026 landscape in Hawaii is focused on addressing a chronic housing shortage through the Hawaii Housing Finance and Development Corporation (HHFDC). A major shift this year is the implementation of the Procorem online system to consolidate applications, alongside new legislative mandates for longer-term affordability commitments.
Core State Financing Programs
Most affordable multifamily developments in Hawaii utilize a combination of these three primary sources via a Consolidated Application process.
- Rental Housing Revolving Fund (RHRF): This is Hawaii’s primary "equity gap" tool, providing low-interest loans (often as low as 0.15%) for the development or preservation of affordable rentals. In 2026, new policies limit disbursements to no more than two installments during construction to ensure stricter fund management.
- Hula Mae Multi-Family (HMMF) Revenue Bond Program: A conduit bond issuance program providing tax-exempt financing. For the 2026 round, a new Bond Financing Limitation requires that no more than 30% of the aggregate basis be financed with tax-exempt proceeds to qualify under specific state rules.
- Low-Income Housing Tax Credits (LIHTC): Hawaii offers both federal credits and a State LIHTC equal to 50% of the federal amount. The 2026 Qualified Allocation Plan (QAP) places heavy emphasis on project readiness and proximity to employment centers.
Emerging Legislative and Programmatic Shifts
Several new initiatives in early 2026 are altering how developers structure their capital stacks.
- Perpetual Affordability Mandates: New legislation (HB1868) introduced in the 2026 session aims to require all projects receiving RHRF or LIHTC to commit to perpetual affordability, moving away from the standard 30-to-60-year compliance periods.
- Mixed-Income Subaccount: This subaccount within the RHRF has been expanded in 2026 to provide financing for "workforce" housing, targeting households earning up to 140% of the Area Median Income (AMI).
- Dwelling Unit Revolving Fund (DURF) Equity Pilot: A state program that provides equity-like investments for infrastructure and pre-development, helping to lower the overall cost of capital for complex island sites.
2026 Market Conditions and Underwriting
Financing in Hawaii must account for extreme geographic and economic variables unique to the archipelago.
- High Hard Costs: Supply chain volatility and 50% tariffs on key materials like steel and aluminum continue to pressure "pencil-out" thresholds. Consequently, 2026 applications require a Third-Party Projection Cost Certification to reconcile financial worksheets.
- Interest Rate Stabilization: While mortgage rates have moderated in early 2026, the high cost of land on Oʻahu keeps Debt Service Coverage Ratio (DSCR) requirements stringent, typically requiring at least 1.15x to 1.25x for permanent debt.
Lending Cities
Commercial loan direct provides services in the following Hawaii cities. Please note we may be able to provide services in other cities as well by request. Rates are dependent on the market in your locale.
- ‘Āhuimanu
- ‘Aiea
- ‘Ele‘ele
- ‘Ewa Beach
- ‘Ewa Gentry
- ‘Ewa Villages
- ‘Ōma‘o
- Ainaloa
- Anahola
- Captain Cook
- East Honolulu
- Fern Acres
- Haiku-Pauwela
- Hālawa
- Hālawa Heights
- Hale‘iwa
- Hana
- Hanamā‘ulu
- Hanapēpē
- Hanapēpē Heights
- Hau‘ula
- Hawaii County
- Hawaiian Acres
- Hawaiian Beaches
- Hawaiian Ocean View
- Hawaiian Paradise Park
- Hāwī
- He‘eia
- Hickam Field
- Hilo
- Hōlualoa
- Honalo
- Honaunau-Napoopoo
- Honoka‘a
- Honolulu
- Honolulu County
- Iroquois Point
- Ka‘a‘awa
- Kā‘anapali
- Kaanapali Landing
- Kahalu‘u
- Kahaluu-Keauhou
- Kahuku
- Kahului
- Kailua
- Kailua-Kona
- Kalāheo
- Kalaoa
- Kalawao County
- Kaneohe
- Kapa‘a
- Kapaau
- Kapolei
- Kauai County
- Kaunakakai
- Kea‘au
- Kealakekua
- Kekaha
- Kēōkea
- Kīhei
- Kīlauea
- Ko Olina
- Koloa
- Kualapu‘u
- Kula
- Kurtistown
- Lā‘ie
- Lahaina
- Lanai City
- Lawai
- Leilani Estates
- Lihue
- Mā‘ili
- Mākaha
- Mākaha Valley
- Makakilo City
- Makawao
- Marine Corps Base Hawaii - MCBH
- Maui County
- Maunawili
- Mililani Town
- Mokulēia
- Mountain View
- Nānākuli
- Nanawale Estates
- Napili-Honokowai
- Ocean Pointe
- Orchidlands Estates
- Pāhala
- Paia
- Pāpa‘ikou
- Pearl City
- Pepeekeo
- Princeville
- Puhi
- Pukalani
- Punalu‘u
- Pupukea
- Royal Kunia
- Schofield Barracks
- Village Park
- Volcano
- Wahiawā
- Waialua
- Waianae
- Waihee-Waiehu
- Waikapū
- Waikoloa
- Wailea
- Wailua
- Wailua Homesteads
- Wailuku
- Waimalu
- Waimanalo
- Waimānalo Beach
- Waimea
- Wainaku
- Waipahu
- Waipi‘o Acres
- Waipio
- Whitmore Village
