Multifamily is the deepest lending market in American commercial property, which means an apartment owner has more places to go than almost any other borrower and more trouble telling them apart. Five of the firms in this record cover apartment buildings and all five publish a maximum loan-to-value, which is unusual: this is the property type where the numbers are most public.
The kinds of lender, and what each is for
Agency lenders, working to Fannie Mae and Freddie Mac multifamily programmes, are the cheapest long money and the most prescriptive, with a coverage floor the firms here cite at 1.25. Banks and credit unions hold their own loans and are more flexible about the asset and less about the borrower. CMBS conduit lenders securitise, which is why they can reach further on leverage and why leaving early costs defeasance. Debt funds and bridge lenders price the plan rather than the current income.
What each firm in this record publishes
Read 10 September 2026. Speaking for themselves: LendingOne up to 80% LTV on rate-and-term and 75% on cash-out; Lendmire 75% maximum cash-out with a 700+ FICO; Commercial Lending USA up to 80% on one-to-four unit residential and 75% on small commercial of five or more units, marked Limited. Describing the market: Commercial Loan Direct and Unconventional Lending both publish a typical cap of 75%, and Commercial Mortgage Broker publishes CMBS conduit at up to 75% and sometimes 80%.
The five-unit line decides which list you are on
Below five units the loan is underwritten broadly as residential investment property, and the higher published maximums apply. At five and above it is commercial: the operating statement carries the file, the leverage comes down, and the number of lenders willing to look narrows. Commercial Lending USA marks its own small commercial coverage Limited, which is a published statement of exactly that.
Questions people ask about commercial multifamily lenders
Who lends on apartment buildings?
Agency lenders through Fannie and Freddie programmes, banks and credit unions, CMBS conduit lenders, and debt funds. Five firms in this record cover multifamily and all five publish a maximum LTV.
What LTV do multifamily lenders allow?
Up to 80% appears for one-to-four unit residential and on LendingOne's own rate-and-term programme; 75% is the common figure for cash-out and for five units and above.
Is agency debt worth the paperwork?
It is the cheapest long money in this market and the most prescriptive, with a coverage floor the firms here cite at 1.25. For a stabilised building held for years, usually yes.