Commercial Loan Direct (CLD) provides commercial real estate loans in Indiana. Current commercial loan rates in Indiana range from 5.09% to 12.85% depending on the loan program.
Indiana Apartment Loan Rates
| Loan Types | Rates | LTV | Loan Amount |
|---|---|---|---|
| Fannie Mae | 5.56% - 6.36% | 80% | $700,000+ |
| Freddie Mac | 5.86% - 9.33% | 80% | $1,000,000+ |
| FHA | 4.97% - 6.32% | 83.3% | $5,000,000+ |
| Conduit / CMBS | 5.73% - 7.66% | 75% | $2,000,000+ |
| Insurance | 5.23% - 8.5% | 75% | $5,000,000+ |
| USDA | 6.1% - 8.85% | 85% | $1,000,000+ |
| Bridge | 5.85% - 12.85% | 80% | $1,500,000+ |
| Construction | 5.6% - 8.85% | 83.3% | $1,000,000+ |
| Conventional | 5.09% - 8.85% | 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 Indiana?
Indiana Interest Rates starting at 5.09%. Tell us about your property and financing goals. We will match your request with lending options based on program fit and current market conditions.
Get a QuoteAdditional Multifamily Types
Additional Multifamily Mortgages
- Affordable Housing Financing
- Student Housing Financing
- Military Housing
- Manufactured Housing Financing
- Seniors Housing Financing
- Cooperative Housing
Locations Served in Indiana
We are proud to be serving the state of Indiana. Here are our commercial loan statistics for this state.
Indiana Cities and Towns Served
72
The 2026 environment in Indiana is defined by market stability and aggressive state-level support for the "missing middle." While coastal markets navigate volatility, Indiana’s "date the rate" mentality has led to a robust 1031-exchange wave, with the Indiana Housing and Community Development Authority (IHCDA) leading the charge in gap financing.
State Agency Programs and Tax Credits
IHCDA remains the central pillar for multifamily capital, specifically through the 2026-2027 Qualified Allocation Plan (QAP) which introduced several key updates to project eligibility.
- Affordable and Workforce Housing Tax Credit (AWHTC): This $30 million annual state tax credit is the most significant tool for 2026. It is specifically designed to be paired with 4% federal LIHTC and tax-exempt bonds to bridge the gap caused by 50% tariffs on construction materials.
- 2026-2027 QAP Updates: The new QAP has restored the "Large City" set-aside and increased the required rehabilitation hard costs to $50,000 per unit. It also places a premium on "Community Integration," awarding higher points for developments serving individuals with intellectual or developmental disabilities.
- Indiana Supportive Housing Institute: Teams graduating from the 2026 Institute receive priority access to IHCDA’s HOME funds and RHTCs. The 2026 focus is on serving high-need individuals within the Coordinated Entry System.
- Multifamily Revenue Notes/Bonds: IHCDA continues to issue Series 2026 notes for major urban projects. A 2026 legislative shift (SB 163) has also extended the sunset for these critical housing credits through 2033.
Regional Market Trends and Underwriting
The "Indianapolis Momentum" remains a key theme for 2026, as the metro area outperforms national averages in sustained rent growth.
- Cap Rate Compression: As of February 2026, Indianapolis cap rates have begun a modest downward trend. Class A assets are trading near 4.9%, while Class B workforce housing remains the "sweet spot" for investors, hovering around 5.0% to 5.3%.
- Lending Environment: Interest rates for permanent debt in Indiana have stabilized between 3.6% and 4.6%. Lenders are increasingly favoring "Mission-Driven" projects, which can qualify for 20.5% higher lending caps under new 2026 FHFA guidelines.
- Operational Costs: While insurance premiums are stabilizing, Indiana’s 2026 tax environment offers relief. New legislation (SEA 1) has increased supplemental deductions for rental property owners, providing over $1.3 billion in statewide relief.
2026 Development Focus and Outlook
Current financing favors developers who can demonstrate high "readiness to proceed" and local community alignment.
- Rural and Small City Focus: Following a special focus in 2025, 2026 financing is more balanced between urban cores like Indianapolis and high-growth secondary markets like Muncie, Evansville, and Clarksville.
- Workforce Housing Demand: Class B and C multifamily assets are the strongest performers in 2026. With wages rising faster than rents in the Midwest, these assets provide the most predictable Debt Service Coverage Ratios (DSCR) for local banks.
- Sustainability and Utilities: New 2026 Utility Allowance schedules are now in effect, requiring developers to account for increased internet connectivity costs in their pro formas to maintain compliance with HOME and LIHTC standards.
Lending Cities
Commercial loan direct provides services in the following Indiana 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.
- Aberdeen
- Adams County
- Akron
- Albany
- Albion
- Alexandria
- Allen County
- Anderson
- Andrews
- Angola
- Arcadia
- Argos
- Attica
- Auburn
- Aurora
- Austin
- Avilla
- Avon
- Bargersville
- Bartholomew County
- Bass Lake
- Batesville
- Battle Ground
- Bedford
- Beech Grove
- Benton County
- Berne
- Bicknell
- Blackford County
- Bloomfield
- Bloomington
- Bluffton
- Boone County
- Boonville
- Bourbon
- Brazil
- Bremen
- Bright
- Bristol
- Broad Ripple
- Brooklyn
- Brookston
- Brookville
- Brown County
- Brownsburg
- Brownstown
- Burns Harbor
- Butler
- Cambridge City
- Cannelton
- Carmel
- Carroll County
- Cass County
- Cayuga
- Cedar Lake
- Centerville
- Chandler
- Charlestown
- Chesterfield
- Chesterton
- Churubusco
- Cicero
- Clark County
- Clarksville
- Clay County
- Clermont
- Clinton
- Clinton County
- Cloverdale
- Columbia City
- Columbus
- Connersville
- Converse
- Cordry Sweetwater Lakes
- Corydon
- Country Squire Lakes
- Covington
- Crawford County
- Crawfordsville
- Crothersville
- Crown Point
- Culver
- Cumberland
- Dale
- Daleville
- Danville
- Darmstadt
- Daviess County
- Dayton
- Dearborn County
- Decatur
- Decatur County
- DeKalb County
- Delaware County
- Delphi
- DeMotte
- Dillsboro
- Dubois County
- Dunkirk
- Dunlap
- Dyer
- East Chicago
- Eaton
- Edgewood
- Edinburgh
- Elkhart
- Elkhart County
- Ellettsville
- Elwood
- English
- Evansville
- Fairfield Heights
- Fairmount
- Fairview Park
- Farmersburg
- Farmland
- Fayette County
- Ferdinand
- Fish Lake
- Fishers
- Flora
- Floyd County
- Fort Branch
- Fort Wayne
- Fortville
- Fountain County
- Fowler
- Frankfort
- Franklin
- Franklin County
- Frankton
- Fremont
- French Lick
- Fulton County
- Galena
- Galveston
- Garrett
- Gary
- Gas City
- Geneva
- Georgetown
- Gibson County
- Goodland
- Goshen
- Grabill
- Granger
- Grant County
- Greencastle
- Greendale
- Greene County
- Greenfield
- Greensburg
- Greentown
- Greenwood
- Griffith
- Grissom Air Force Base
- Gulivoire Park
- Hagerstown
- Hamilton
- Hamilton County
- Hammond
- Hancock County
- Hanover
- Harlan
- Harrison County
- Hartford City
- Haubstadt
- Hebron
- Hendricks County
- Henry County
- Henryville
- Heritage Lake
- Hidden Valley
- Highland
- Hobart
- Hope
- Howard County
- Hudson Lake
- Huntertown
- Huntingburg
- Huntington
- Huntington County
- Indian Heights
- Indianapolis
- Ingalls
- Jackson County
- Jasonville
- Jasper
- Jasper County
- Jay County
- Jefferson County
- Jeffersonville
- Jennings County
- Johnson County
- Jonesboro
- Kendallville
- Kentland
- Kingsford Heights
- Knightstown
- Knox
- Knox County
- Kokomo
- Koontz Lake
- Kosciusko County
- Kouts
- La Porte
- Lafayette
- Lagrange
- LaGrange County
- Lake County
- Lake Dalecarlia
- Lake Station
- Lakes of the Four Seasons
- Lapel
- LaPorte
- LaPorte County
- Lawrence
- Lawrence County
- Lawrenceburg
- Lebanon
- Leo-Cedarville
- Liberty
- Ligonier
- Linton
- Logansport
- Long Beach
- Loogootee
- Lowell
- Lynn
- Madison
- Madison County
- Marion
- Marion County
- Markle
- Marshall County
- Martin County
- Martinsville
- McCordsville
- Melody Hill
- Meridian Hills
- Merrillville
- Miami County
- Michigan City
- Middlebury
- Middletown
- Milan
- Milford
- Mishawaka
- Mitchell
- Monon
- Monroe County
- Monroeville
- Monrovia
- Montgomery County
- Monticello
- Montpelier
- Mooresville
- Morgan County
- Morocco
- Morristown
- Mount Vernon
- Mulberry
- Muncie
- Munster
- Nappanee
- Nashville
- New Albany
- New Carlisle
- New Castle
- New Chicago
- New Haven
- New Palestine
- New Paris
- New Pekin
- New Whiteland
- Newburgh
- Newport
- Newton County
- Noble County
- Noblesville
- North Judson
- North Liberty
- North Madison
- North Manchester
- North Terre Haute
- North Vernon
- North Webster
- Notre Dame
- Oak Park
- Oakland City
- Odon
- Ogden Dunes
- Ohio County
- Oolitic
- Orange County
- Orleans
- Osceola
- Osgood
- Ossian
- Otterbein
- Owen County
- Owensville
- Oxford
- Paoli
- Parke County
- Parker City
- Pendleton
- Perry County
- Peru
- Petersburg
- Pierceton
- Pike County
- Pittsboro
- Plainfield
- Plymouth
- Portage
- Porter
- Porter County
- Portland
- Posey County
- Poseyville
- Princes Lakes
- Princeton
- Pulaski County
- Putnam County
- Randolph County
- Redkey
- Remington
- Rensselaer
- Richmond
- Ripley County
- Rising Sun
- Roanoke
- Rochester
- Rockport
- Rockville
- Rome City
- Roselawn
- Rossville
- Rush County
- Rushville
- Russiaville
- Saint John
- Saint Joseph County
- Saint Paul
- Salem
- Santa Claus
- Schererville
- Scott County
- Scottsburg
- Seelyville
- Sellersburg
- Seymour
- Shadeland
- Shelburn
- Shelby County
- Shelbyville
- Sheridan
- Shoals
- Shorewood Forest
- Simonton Lake
- Smithville-Sanders
- South Bend
- South Haven
- South Whitley
- Southport
- Speedway
- Spencer
- Spencer County
- Starke County
- Steuben County
- Sullivan
- Sullivan County
- Sunman
- Sweetser
- Switzerland County
- Syracuse
- Tell City
- Terre Haute
- Thorntown
- Tippecanoe County
- Tipton
- Tipton County
- Topeka
- Trafalgar
- Trail Creek
- Tri-Lakes
- Union City
- Union County
- Upland
- Valparaiso
- Vanderburgh County
- Veedersburg
- Vermillion County
- Versailles
- Vevay
- Vigo County
- Vincennes
- Wabash
- Wabash County
- Wakarusa
- Walkerton
- Walton
- Wanatah
- Warren
- Warren County
- Warren Park
- Warrick County
- Warsaw
- Washington
- Washington County
- Waterloo
- Wayne County
- Wells County
- West Lafayette
- West Terre Haute
- Westfield
- Westport
- Westville
- White County
- Whiteland
- Whitestown
- Whiting
- Whitley County
- Williamsport
- Winamac
- Winchester
- Winfield
- Winona Lake
- Wolcottville
- Woodburn
- Worthington
- Yorktown
- Zionsville
Commercial Loan FAQs in Indiana
Multifamily interest rates in Indiana vary based on loan type, property type, loan-to-value, debt service coverage ratio, borrower strength, and market conditions. They range from approximately 5.09% to 12.85%.
Borrowers in Indiana can access Conventional, CMBS/Conduit, Insurance, FHA/HUD, USDA, Bridge, Construction, and SBA financing based on property type, leverage, and occupancy.
Multifamily loan rates in Indiana depend on loan type, property cash flow, debt service coverage ratio, loan-to-value, borrower strength, and market conditions.
Yes. Owner-occupied financing is available in Indiana, including Conventional, Insurance, SBA, USDA, and selected agency programs when eligibility requirements are met.
Yes. Refinance options in Indiana include rate-and-term and cash-out structures, subject to underwriting, property performance, and lender program guidelines.