Multifamily Loan Rates 2026: What 27,940 Apartment Loans Paid
Some links pay us a referral fee; each one says so. Disclosure
Quick Answer
As of October 11, 2026, the newest federal loan-level record is HMDA 2025, and it shows 27,940 conventional first-lien purchase and refinance loans on apartment buildings of 5 or more units with a median interest rate of 6.50% (middle half 5.91% to 7.15%, 10% of loans below 5.45% and 10% above 8.00%). The channel moves the rate more than anything else: banks had a median of 6.50% and credit unions 6.49%, the non-bank lenders that sell to Fannie Mae, Freddie Mac and Ginnie Mae 5.37% on much larger loans (median $13,425,000), and other non-bank lenders 8.01%, with 51.4% of their loans at 8% or more. For the typical small investor deal, a 5-to-24-unit building with a $500,000 to $4.99 million loan, the median was 6.50% on 12,307 loans. Rates are missing for 26.6% of the 43,226 originated 5+ unit loans (our arithmetic): 11,070 are Exempt, almost all from small banks and credit unions allowed to skip the field, and 432 are NA. Fannie Mae's Small Mortgage Loan Program publishes loans up to $9 million at 80% maximum LTV and 1.25x minimum DSCR; HUD's posted MAP Guide sets 85% and 1.176x for market-rate Section 223(f) loans, with terms up to 35 years.
Key Takeaways
- The 2025 median on 27,940 conventional first-lien apartment loans (5+ units) was 6.50%; the middle half paid 5.91% to 7.15%. Median term 120 months, median loan-to-value 64.5%, and 76.0% carried a balloon payment (HMDA 2025).
- Loan size sets the rate: 7.25% under $500,000, 6.875% at $500,000 to $999,999, 6.36% at $1 million to $2.49 million, 6.141% at $2.5 million to $4.99 million, down to 5.43% at $25 million and over.
- Lender type: banks 6.50% (17,368 loans), credit unions 6.49% (2,964), agency and FHA lenders 5.37% (3,322, median loan $13,425,000), other non-banks 8.01% (4,286, median term 360 months). Our classification uses the FFIEC agency code, the filer name and where each lender sold its loans.
- Small buildings: on 5-to-24-unit buildings with a $500,000 to $4.99 million loan, the median was 6.50% on 12,307 loans; banks 6.33%, credit unions 6.375%, other non-banks 7.95%. JPMorgan Chase Bank made 2,596 of those loans at a median 5.98%.
- HMDA does capture agency loans: 3,227 loans ($77.27 billion) sold to Fannie Mae, 1,373 ($34.36 billion) to Freddie Mac and 272 ($5.76 billion) to Ginnie Mae in 2025, plus 177 loans by life insurers. Fannie Mae's 10-K reports $73.7 billion of 2025 multifamily new business; Freddie Mac's reports $76.4 billion.
- 26.6% of the 43,226 originated 5+ unit loans have no rate in the public file: 11,070 are Exempt (35.1% of bank loans) and 432 NA. Bridge loans designed to be replaced by permanent financing, and lenders under 25 closed-end loans a year, are outside HMDA altogether.
CSV · 433 rows
Multifamily loan rates in 2025 HMDA data (5+ unit buildings), named lenders, and Fannie Mae, Freddie Mac and HUD 223(f) program terms
HMDA 2025 rate coverage, medians and distributions for 5+ unit loans by loan type, lender type, loan size, units, purpose, purchaser and term; the 5-24 unit segment; named lenders; agency 10-K volumes; Fannie Mae, Freddie Mac and HUD 223(f) terms; Regulation C rules. One source per row.
What the 2025 HMDA file holds for apartment buildings
HMDA, the Home Mortgage Disclosure Act data that banks, credit unions and mortgage companies file with the CFPB and FFIEC, is the only public loan-level record of apartment-loan rates. Regulation C defines a multifamily dwelling as “a dwelling, regardless of construction method, that contains five or more individual dwelling units” (12 CFR 1003.2(n)), and its commentary says loans to purchase or refinance a multifamily dwelling stay reportable even when they are business-purpose loans (comment 3(c)(10)-3.i). We downloaded every 2025 originated loan on a 5+ unit dwelling from the FFIEC Data Browser on October 11, 2026 and recomputed the figures with our own script.
Originated 5+ unit loans in HMDA 2025, nationwide
| Measure | Value |
|---|---|
| Originated loans on 5+ unit buildings | 43,226 ($269.15 billion) |
| Distinct lenders (LEIs) | 2,467 |
| Loans with a numeric interest rate | 31,724 (73.4%) |
| Interest rate reported as Exempt | 11,070 (25.6%) |
| Interest rate reported as NA | 432 (1.0%) |
| Flagged business or commercial purpose | 74.2% (25.5% Exempt; 115 loans flagged not business purpose) |
| Conventional / FHA-insured / VA / USDA RHS or FSA | 42,865 / 347 / 0 / 14 |
| Buildings of 5-24 / 25-49 / 50-99 / 100-149 / 150+ units | 27,781 / 5,288 / 4,183 / 1,906 / 4,068 loans |
| Core set used for the rate tables | 27,940 conventional, first-lien, closed-end purchase, refinance and cash-out loans with a rate, term and amount |
So most apartment loans in HMDA do carry a rate: 73.4%, not the minority we half expected. The gap is concentrated in one place. Regulation C lets an insured bank or credit union that “originated fewer than 500 closed-end mortgage loans” in each of the two preceding years skip a list of “optional data” that includes the rate (12 CFR 1003.3(d)), and 35.1% of bank-made 5+ unit loans come through as Exempt, against 8.3% for credit unions and almost none for non-banks. The medians below therefore describe larger banks, credit unions and non-banks better than small community banks.
The business-purpose flag does not separate anything here: 74.2% of these loans are flagged business purpose and almost all of the rest are Exempt, so we do not filter on it. One earlier run of ours, on 52 state files on October 9, 2026, found 27,919 core loans; the nationwide file has 157 more originated loans, all without a state code, and 21 of them enter the core set, which is why this page counts 27,940 (the median is the same 6.50%; our arithmetic).
Multifamily loan rates by lender type
HMDA does not label lenders as banks or mortgage companies, so we classified each of the 2,467 filers ourselves from its FFIEC institution record. Bank: regulator code OCC, Federal Reserve or FDIC, or CFPB-supervised with bank, N.A. or national association in the name. Credit union: NCUA, or credit union in the name. Agency and FHA lender (non-bank): any other filer that sold at least half of its 2025 5+ unit loans to Fannie Mae, Freddie Mac or Ginnie Mae, or made any FHA-insured 5+ unit loan (17 lenders, such as Walker & Dunlop, Berkadia and Greystone). Other non-bank: everyone else, mostly private and business-purpose lenders (102 lenders). The rule is mechanical, and a few lenders sit at the edge; the script is in the data folder.
Core 2025 apartment loans by lender type (5+ units, conventional, first lien)
| Lender type | Loans | Median rate | Middle half | Median term | Median loan | Share 8% or more |
|---|---|---|---|---|---|---|
| Bank | 17,368 | 6.50% | 5.98% to 7.00% | 120 months | $1,405,000 | 3.5% |
| Credit union | 2,964 | 6.49% | 6.125% to 6.75% | 120 months | $1,165,000 | 0.9% |
| Agency and FHA lender (non-bank) | 3,322 | 5.37% | 5.06% to 5.76% | 84 months | $13,425,000 | 0.7% |
| Other non-bank lender | 4,286 | 8.01% | 7.125% to 9.75% | 360 months | $875,000 | 51.4% |
Banks and credit unions land on the same median, but credit unions are tighter: 70.4% of their loans fell between 6.00% and 6.99%, against 46.2% for banks. The agency lenders' low median is mostly loan size and the Fannie Mae or Freddie Mac execution behind them; 83.9% of their loans were under 6%. The other non-banks are a different product: 30-year terms on small loans, often from lenders that securitize investor loans, and half of them at 8% or more.
Rates by loan size and by building size
Median rate by loan size and lender type, core 2025 loans
| Loan size | Loans | Median (all) | Middle half | Banks | Credit unions | Other non-banks | Median term |
|---|---|---|---|---|---|---|---|
| Under $500,000 | 5,201 | 7.25% | 6.75% to 7.75% | 7.10% | 6.65% | 8.45% | 120 months |
| $500,000 to $999,999 | 5,110 | 6.875% | 6.45% to 7.50% | 6.75% | 6.50% | 7.875% | 120 months |
| $1 million to $2.49 million | 7,333 | 6.36% | 5.98% to 6.95% | 6.22% | 6.29% | 7.90% | 180 months |
| $2.5 million to $4.99 million | 3,593 | 6.141% | 5.82% to 6.589% | 6.072% | 6.25% | 8.878% | 120 months |
| $5 million to $9.99 million | 2,432 | 5.95% | 5.57% to 6.50% | 6.05% | 6.25% | 9.50% | 84 months |
| $10 million to $24.99 million | 2,214 | 5.71% | 5.29% to 6.338% | 6.123% | 6.265% | 6.39% | 84 months |
| $25 million and over | 2,057 | 5.43% | 5.07% to 6.131% | 5.99% | 6.625% | 6.236% | 60 months |
Every step up in loan size lowers the median until about $10 million; above that the agency lenders dominate and the median keeps falling. For a borrower the useful comparison is inside a row: on a $1 million to $2.49 million loan, the bank median was 6.22% and the other non-bank median 7.90%, a gap of 1.68 points (our arithmetic).
Median rate by building size, core 2025 loans
| Units in the building | Loans | Median rate | Median loan | Median term |
|---|---|---|---|---|
| 5 to 24 | 17,533 | 6.75% | $885,000 | 120 months |
| 25 to 49 | 3,379 | 6.25% | $2,945,000 | 120 months |
| 50 to 99 | 2,766 | 6.17% | $5,900,000 | 84 months |
| 100 to 149 | 1,335 | 5.90% | $11,005,000 | 84 months |
| 150 or more | 2,927 | 5.48% | $31,005,000 | 60 months |
By purpose, purchases had a median of 6.65% (13,010 loans, median loan-to-value 67.9%), refinances without cash out 6.30% (9,920) and cash-out refinances 6.30% (5,010). By term, 7-year loans had the lowest median, 5.64%, because that is where the agency loans cluster; 30-year loans had 7.35%.
The small apartment building: 5 to 24 units, $500,000 to $5 million
This is the deal most individual investors are pricing: a building of 5 to 24 units with a loan of $500,000 to $4.99 million. HMDA has 12,307 core loans in that box for 2025, $17.91 billion in total. The median rate was 6.50% (middle half 6.01% to 7.155%), the median term 180 months, the median loan $1,175,000 and the median loan-to-value 64.6%; 73.6% had a balloon and 29.7% an interest-only feature.
Rate distribution: all core loans and the small-building segment, 2025
| Interest rate | All core loans (27,940) | 5-24 units, $500,000 to $4.99 million (12,307) |
|---|---|---|
| Under 5.00% | 3.6% | 0.9% |
| 5.00% to 5.49% | 7.2% | 1.6% |
| 5.50% to 5.99% | 18.3% | 20.1% |
| 6.00% to 6.49% | 20.2% | 24.7% |
| 6.50% to 6.99% | 20.3% | 22.1% |
| 7.00% to 7.49% | 11.8% | 11.2% |
| 7.50% to 7.99% | 8.3% | 7.9% |
| 8.00% to 8.99% | 5.1% | 4.8% |
| 9.00% to 9.99% | 1.7% | 2.2% |
| 10.00% and over | 3.4% | 4.4% |
The first two rows add the under-4% and 4% bands of the data file (our arithmetic). In the small-building box, 66.9% of loans fell between 5.50% and 6.99%, and 11.4% were at 8% or more (both our arithmetic).
Same segment by lender type
| Lender type | Loans | Median rate | Middle half | Median term |
|---|---|---|---|---|
| Bank | 7,877 | 6.33% | 5.95% to 6.85% | 180 months |
| Credit union | 1,666 | 6.375% | 6.10% to 6.75% | 120 months |
| Agency and FHA lender (non-bank) | 241 | 6.03% | 5.73% to 6.34% | 84 months |
| Other non-bank lender | 2,523 | 7.95% | 7.125% to 9.75% | 360 months |
Largest lenders in the small-building segment, 2025
| Lender (HMDA filer name) | Our type | Loans | Median rate | Median term |
|---|---|---|---|---|
| JPMorgan Chase Bank, NA | Bank | 2,596 | 5.98% | 180 months |
| RF Renovo Management Company, LLC | Other non-bank | 540 | 7.50% | 360 months |
| US Bank, N.A. | Bank | 287 | 5.89% | 61 months |
| EverBank N.A. | Bank | 225 | 6.01% | 360 months |
| Conventus Lending LLC | Other non-bank | 185 | 9.99% | 18 months |
| Citizens Bank, NA | Bank | 163 | 5.60% | 120 months |
| Velocity Commercial Capital LLC | Other non-bank | 132 | 10.74% | 360 months |
| RE Investment Loans LLC | Other non-bank | 130 | 6.80% | 360 months |
| Logan Finance Corporation | Other non-bank | 102 | 7.875% | 360 months |
| Cathay Bank | Bank | 99 | 6.563% | 120 months |
JPMorgan Chase alone made 21.1% of the small-building loans in the segment (our arithmetic), at a median below the bank median. The 30-year non-bank loans in the list are the apartment-building version of a DSCR loan; the 18-month Conventus loans are short-term bridge loans that HMDA still captured.
Who made the most apartment loans in 2025
Counting every originated 5+ unit loan (not only the core set), these are the 15 largest lenders by number of loans. Names are as they appear in the FFIEC filer records; the median is over each lender's loans with a reported rate, including its FHA loans.
Largest 5+ unit lenders in HMDA 2025, by number of loans
| Lender | Our type | Loans | Amount | Median rate | Sold to Fannie, Freddie or Ginnie |
|---|---|---|---|---|---|
| JPMorgan Chase Bank, NA | Bank | 3,893 | $18.24 billion | 5.94% | 1.4% |
| RF Renovo Management Company, LLC | Other non-bank | 798 | $1.11 billion | 7.55% | 0% |
| Walker & Dunlop, LLC | Agency and FHA | 765 | $19.99 billion | 5.40% | 100% |
| Berkadia Commercial Mortgage | Agency and FHA | 752 | $14.04 billion | 5.52% | 89.5% |
| US Bank, N.A. | Bank | 500 | $1.76 billion | 5.918% | 0% |
| Arbor Realty Trust, Inc. | Agency and FHA | 423 | $5.62 billion | 5.57% | 80.6% |
| Lument Real Estate Capital | Agency and FHA | 402 | $5.25 billion | 5.68% | 100% |
| Wells Fargo Bank NA | Bank | 376 | $21.63 billion | 5.765% | 37.8% |
| Velocity Commercial Capital LLC | Other non-bank | 330 | $0.19 billion | 10.74% | 0% |
| Berkeley Point Capital LLC | Agency and FHA | 317 | $9.57 billion | 5.23% | 100% |
| EverBank N.A. | Bank | 303 | $1.05 billion | 6.00% | 0% |
| Greystone Servicing Corporation, Inc. | Agency and FHA | 294 | $5.46 billion | 5.52% | 94.2% |
| Old National Bank | Bank | 274 | $1.29 billion | 6.32% | 0% |
| PGIM Real Estate Agency Financing, LLC | Agency and FHA | 271 | $6.79 billion | 5.39% | 100% |
| 21st Mortgage | Other non-bank | 266 | $0.13 billion | 8.50% | 0% |
Two models sit side by side. The big banks keep apartment loans on their balance sheet (JPMorgan Chase sold 1.4% of its 3,893 loans to the agencies). The agency lenders sell almost everything to Fannie Mae, Freddie Mac or Ginnie Mae and lend on larger buildings. For dollars, Wells Fargo ($21.63 billion) and Walker & Dunlop ($19.99 billion) were ahead of JPMorgan Chase ($18.24 billion).
Fannie Mae, Freddie Mac and FHA loans in the HMDA record
A common assumption is that agency multifamily loans (Fannie Mae DUS, Freddie Mac Optigo, HUD/FHA) are missing from HMDA because they are commercial loans. The 2025 file says otherwise: the lenders that originate them are HMDA filers and report the loans, with the buyer in the purchaser field.
Core 2025 apartment loans by who bought the loan in 2025
| Purchaser in 2025 | Core loans | Median rate | All 5+ unit loans | Amount (all) |
|---|---|---|---|---|
| Not sold in 2025 (kept by the lender) | 20,787 | 6.50% | 34,601 | $135.36 billion |
| Fannie Mae | 2,605 | 5.31% | 3,227 | $77.27 billion |
| Freddie Mac | 1,158 | 5.66% | 1,373 | $34.36 billion |
| Ginnie Mae (FHA-insured loans) | 0 | n/a | 272 | $5.76 billion |
| Private securitizer | 673 | 8.375% | 750 | $4.61 billion |
| Life insurance company | 156 | 6.375% | 164 | $3.83 billion |
| Other type of purchaser | 1,609 | 7.999% | 1,694 | $5.10 billion |
How complete is that? Fannie Mae's 2025 Form 10-K reports multifamily new business volume of $73.7 billion, close to the $77.27 billion HMDA shows as sold to Fannie Mae. Freddie Mac's 10-K reports $76.4 billion of 2025 multifamily new business activity, more than twice the $34.36 billion HMDA shows as sold to Freddie Mac (45.0%, our arithmetic). The two measures are not built the same way. HMDA's purchaser field records a sale only when it happens in the same calendar year as the loan, and public loan amounts are the middle of a $10,000 band. Fannie Mae's footnote says its figure “Reflects UPB of new multifamily loans securitized or purchased as well as credit enhancements provided during the period.” These documents do not explain why the Freddie Mac gap is so large, so read the comparison as evidence that agency loans are in HMDA in large numbers, not as a coverage rate.
FHA-insured apartment loans are there too: 347 in 2025 ($7.03 billion), at a median rate of 5.75% (295 with a rate), a median term of 420 months and a median loan of $13,765,000. Berkadia (89), Lument (60), Walker & Dunlop (44), NewPoint (34) and Greystone (24) made the most. HMDA's loan-type field does not say which HUD program insured the loan, so 223(f) refinances and 221(d)(4) construction loans cannot be told apart. Life insurers also file: filers named as life insurance companies (Northwestern Mutual 55 loans, Nationwide Life 47, Protective Life 31, Metropolitan Life 25, Lincoln National Life 19) made 177 loans ($7.40 billion) at a median 5.75%, with a median loan of $34,255,000.
Fannie Mae, Freddie Mac and HUD 223(f): the published terms
The agencies publish their limits; they do not publish a rate, which the lender quotes. These are the program ceilings from each agency's own document, with its date.
Agency multifamily programs for existing apartment buildings (documents read October 11, 2026)
| Program (document, date) | Loan size | Term and amortization | Max LTV and min DSCR | Other stated terms |
|---|---|---|---|---|
| Fannie Mae Small Mortgage Loan Program (term sheet, read Oct. 11, 2026) | Up to $9 million nationwide | 5 to 30 years; amortization up to 30 years | 80%; 1.25x | Existing, stabilized properties with 5 or more units; fixed or variable rate; non-recourse with standard carve-outs; yield maintenance or declining prepayment premium |
| Fannie Mae conventional properties (term sheet page, read Oct. 11, 2026) | Not stated | 5 to 30 years; amortization up to 30 years | 80%; 1.25x | Stabilized occupancy typically 90% for 90 days before funding; non-recourse available for most loans greater than $750,000; 30- to 180-day rate lock |
| Freddie Mac Optigo Conventional Small (term sheet dated 4/26) | Generally $2 million to $10 million | 5, 7, 10, 12 or 15 years; amortization up to 30 years | 75% for 5 to under 7 years, 80% for 7 years and longer, at a 1.25x amortizing DCR; 65% to 70% if interest-only for the full term | Predominantly market-rate properties of 5 to 50 units; single purpose entity borrower; application fee 0.1%; yield maintenance, then a 2-year lock-out after securitization and defeasance |
| Freddie Mac Optigo Fixed-Rate (term sheet dated 4/26) | Minimum $10 million | 5 to 10 years (up to 30 if not securitized); amortization 30 years | Same LTV and DCR grid as Conventional Small | Non-recourse except for standard carve-outs |
| HUD/FHA Section 207/223(f) (MAP Guide, 2020 edition posted March 2021) | No cap stated in the sections cited; at least 5 residential units | 35 years or 75% of remaining economic life, whichever is less; at least 10 years | 85% of value and 1.176x for market-rate projects; 87% and 1.15x affordable; 90% and 1.11x with 90%+ rental assistance | Certificates of occupancy 3 or more years old (newer once the DSCR is met); stable occupancy of at least 85%; for refinances, Criterion 10 is the greater of 80% of LTV or the cost to refinance |
Three things are worth reading closely. Freddie Mac's sheet waives its refinance test when a loan has “an amortizing debt coverage ratio (DCR) of 1.40x or greater” and an LTV of 60% or less, a useful picture of what the agency treats as easily refinanceable. Fannie Mae's non-recourse wording differs by sheet: the Small Mortgage Loan Program offers non-recourse execution with carve-outs, while the general sheet says non-recourse is available for most loans greater than $750,000. And HUD's posted MAP Guide is the 2020 edition; HUD has a 2024 draft on its policy drafting table and lenders' current term sheets may differ, so confirm the 223(f) ratios with a HUD-approved MAP lender.
Compare those limits with what borrowers actually took: the 2025 median loan-to-value in HMDA was 64.5% across the core set and 65.0% on loans sold to Freddie Mac, well below the 75% to 85% ceilings. Lenders, and borrowers' cash flow, set the loan size well before the agency maximum.
What HMDA does not show
Before using these medians as a benchmark, know where the record stops. We checked each common apartment-loan channel against the 2025 file and Regulation C rather than assuming.
Apartment-loan channels and HMDA, checked against the 2025 file and 12 CFR 1003
| Channel | In HMDA 2025? | What we found |
|---|---|---|
| Bank and credit union portfolio loans | Yes, but 35.1% of bank loans have no rate | Small banks and credit unions under 500 closed-end loans a year may report the rate as Exempt (12 CFR 1003.3(d)) |
| Fannie Mae DUS and Freddie Mac Optigo loans | Yes, in large numbers | 3,227 loans sold to Fannie Mae and 1,373 to Freddie Mac in 2025; the originators (Walker & Dunlop, Berkadia, Greystone and others) are filers |
| HUD/FHA 223(f) and 221(d)(4) | Yes, as FHA-insured loans | 347 FHA-insured 5+ unit loans; the HUD program is not identified |
| Life insurance company loans | Partly | 177 loans from five filers named as life insurers; insurers that do not meet the filing test are not in the file |
| CMBS conduit loans | Partly, not identifiable | 750 loans sold to a private securitizer; the core ones have a median rate of 8.375%, a median loan of $1,055,000 and a median term of 360 months, which looks like investor loans rather than large conduit loans. A loan sold in a later year is recorded as not sold (comment 4(a)(11)) |
| Bridge loans | Partly | Temporary financing “designed to be replaced by separate permanent financing” is excluded (comment 3(c)(3)-1), yet 3,029 core loans have terms of 36 months or less (median 24 months, 7.35%) |
| Construction loans | Mostly no | Construction loans to be replaced by separate permanent financing are excluded; a loan that converts to permanent financing with the same lender is not temporary financing (comment 3(c)(3)-1.iv) |
| Debt funds and small private lenders | Only above the threshold | A non-bank must originate at least 25 closed-end loans in each of the two preceding years to be covered (12 CFR 1003.2(g)(2)) |
| Loan fees, points and prepayment penalties | No usable data | Among core loans, 0.1% show total loan costs, 0.2% origination charges and 0.2% a prepayment-penalty term |
Two more limits. HMDA has no credit score, no debt service coverage ratio and no recourse field for these loans, so the rate differences above mix pricing with risk. And one large agency lender, Bellwether Enterprise Real Estate Capital, reported 249 loans without a rate, so its loans are in the counts but not in the medians.
What a borrower can do with this
- Find your row before you compare quotes. A $1.2 million loan on a 12-unit building should be measured against the small-building segment (6.50% median, 6.33% at banks in 2025), not against the 5.31% and 5.66% medians of loans sold to Fannie Mae and Freddie Mac, whose median loans were $14,365,000 and $12,285,000.
- Ask at least one bank and one credit union. In every loan-size band under $5 million, the bank and credit union medians were 1.1 to 2.8 points below the other non-bank median (our arithmetic). Credit unions also had the narrowest spread.
- Price an agency small-balance loan if the building is stabilized. Fannie Mae's small loan program goes to $9 million at 80% and 1.25x, and Freddie Mac's Conventional Small generally starts at $2 million. In HMDA, the small-building loans sold to Fannie Mae had a median of 5.99% and those sold to Freddie Mac 6.11%, but there were only 87 and 171 of them in 2025.
- Check the balloon and the prepayment terms, not just the rate. 76.0% of core loans carry a balloon, and HMDA has almost no data on prepayment penalties, so ask for the yield maintenance or step-down schedule in writing.
- Use a non-bank when the bank will not lend, for a value-add property, an occupancy problem, a quick close or a thin file, and expect to pay for it: the other non-bank median was 7.95% in the small-building segment, and 8.01% overall.
If you are running the payment, balloon and DSCR on a specific building, our commercial real estate loan calculator uses the same HMDA medians. For one-to-four-unit rentals, the routes are different; see investment property loans.
All three state on their own websites (read October 11, 2026) that they finance buildings of 5 or more units: Lima One lists a small-balance term loan for “5+ Units” and multifamily bridge loans, Velocity Financial lists “Multi-Family (5+ Units)” among its property types, and RCN Capital lists short-term and long-term financing for 5+ unit apartments. They are private lenders, and HMDA shows what that costs: Lima One Capital's 63 originated 5+ unit loans in 2025 had a median rate of 8.55% and Velocity Commercial Capital's 330 loans 10.74%, while RCN Capital reported no 5+ unit originations. None of them pays us for this page. Kiavi is not listed: its rental, DSCR and bridge pages limit eligible properties to single-family homes, 2-4 units, condos and PUDs. Our reviews of Lima One, Velocity and RCN Capital cover servicing complaints and terms.
Update alert · free
An email when the Multifamily loan rates numbers change
When a rate, rule or filing behind this page changes: what changed, the one number that matters, and the source to check it yourself.
FAQ
Sources, read on October 11, 2026: FFIEC HMDA Data Browser, 2025 nationwide originated loans on 5+ unit dwellings (CSV downloaded October 11, 2026; aggregation check 43,226 loans), FFIEC institution records for each filer and the 2025 filer list (ffiec.cfpb.gov); our script hmda_multifamily_2025_v2.py and its output, which extend our October 9, 2026 run; Regulation C, 12 CFR 1003.2, 1003.3 and Supplement I (eCFR, current to October 7, 2026); Fannie Mae Multifamily Small Mortgage Loan Program term sheet (PDF) and Conventional Properties and Fixed-Rate Mortgage Loans term sheet pages; Freddie Mac Optigo Conventional Small, Fixed-Rate, Floating-Rate and Value-Add term sheets (dated April 2026); HUD Multifamily Accelerated Processing (MAP) Guide 4430.G, 2020 edition posted March 24, 2021, Chapter 3, section 3.7; Fannie Mae 2025 Form 10-K (accession 0000310522-26-000015) and Freddie Mac 2025 Form 10-K (accession 0001026214-26-000021); lender websites of Kiavi, Lima One Capital, Velocity Financial and RCN Capital (company claims). Lender types are our classification. All medians, shares, sums and differences are our arithmetic. This is analysis of public records, not investment, legal, lending or tax advice, and not a loan offer.
Keep reading.
- 0129 min read
Hard Money Loans Arizona 2026: Law, Foreclosure, Real Rates
Arizona hard money loans in federal HMDA data: 1,014 short-term investor loans in 2025, median note rate 10.5%. No written-rate cap, a mortgage banker licence for lenders in the business, a trustee sale from day 91, and the two-acre deficiency shield, read October 11, 2026.
- 0230 min read
Hard Money Loans Georgia 2026: Rates, Law and Lenders (HMDA)
Georgia hard money loans in federal HMDA data: 2,844 short-term investor loans in 2025, median note rate 10.25%. Georgia's no-ceiling interest rule, the license test, the 30-day power-of-sale notice and the 62-month intangible-tax line, read October 11, 2026.
- 0321 min read
Hard Money Lenders Maryland: Law, Taxes and 2025 Loan Data
Maryland hard money loans in the public record: 1,165 short-term investor loans in 2025 federal HMDA data, median note rate 10.0%, Kiavi 374 of them. Maryland's 6% interest rule and the exemption that lifts it, no mortgage-lender license for business loans, the 45-day foreclosure notice, and what recordation and transfer taxes add to a flip, read October 11, 2026.