Commercial Loan Direct structures multifamily mortgages nationwide for acquisitions, refinances, and construction with low fees and transparent terms.
Why Borrowers Choose Our Apartment Loans
Agency, bank, CMBS, bridge, insurance, and FHA executions for stabilized and value-add assets.
Interest-only periods and cash-out available for capex, TI/LC, or recapitalizations.
Non-recourse options with standard carve-outs; assumptions available on many agency/CMBS loans.
Competitive rate locks and streamlined closing checklist to hit contract timelines.
Deals funded nationwide across Class A–C garden, midrise/high-rise, student, and workforce housing.
Eligibility Snapshot
Minimum 5+ units; mixed-use considered when residential NOI is primary.
Typical leverage up to 80% LTV for agencies/FHA; DSCR sizing applies by market and asset.
Required: trailing-12 financials, rent roll, occupancy history, and capex plan for value-add.
Loan sizes from small balance through institutional; construction options available for larger projects.
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.
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).
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.
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.
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.
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.
USDA guaranteed mortgages can be used for any commercial real estate collateral that is located in a designated rural area (with a population of less than 50,000 people). Maximum LTV is 90% under some programs, but most have a maximum of 80-85%. USDA mortgages are almost always full recourse.
FAQs About Apartment Loans & Multifamily Mortgages
Current rent roll, trailing-12 operating statement, year-to-date P&L, occupancy history, and a capital plan if requesting cash-out or value-add proceeds.
Yes. Agency, CMBS, insurance, and many bridge executions are non-recourse with standard bad-boy carve-outs; bank portfolio loans may be partial or full recourse depending on leverage.
Many programs provide partial- or full-term interest-only based on DSCR, leverage, and business plan; construction loans are commonly interest-only during the build and lease-up.
Yes. Cash-out is available where DSCR/LTV allow; reserves for TI/LC and future capex can be structured in bridge or permanent executions.
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Success Stories
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SBA 7(a)
New Ace Hardware Franchise Financing
Alpharetta, GA Retail Franchise Real Estate + Working Capital
CLD was most helpful from answering my initial questions to the follow up... We would not have been able to start this business without CLD.
Bakersfield, CA Luxury Multifamily Non-Recourse · 10-Yr I/O
I had a tremendously good experience with CLD and especially with my loan specialist — she identified the ideal loan program and handled everything professionally.
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SBA 7(a)
CMBS
Conventional