1. Home
  2. Apartment Loan Locations
  3. Hawaii

Multifamily & Apartment Financing in Hawaii

Commercial Loan Direct (CLD) provides apartment loans in Hawaii. Current apartment loan rates in Hawaii range from 4.93% to 12.95%, depending on the loan program.

Hawaii Apartment Loan Rates

Loan Types Rates LTV Loan Amount
Fannie Mae 5.66% - 6.46% 80% $700,000+
Freddie Mac 5.96% - 9.43% 80% $1,000,000+
FHA 4.84% - 6.19% 83.3% $5,000,000+
Conduit / CMBS 5.81% - 7.74% 75% $2,000,000+
Insurance 5.31% - 8.59% 75% $5,000,000+
USDA 6.2% - 8.95% 85% $1,000,000+
Bridge 5.95% - 12.95% 80% $1,500,000+
Construction 5.7% - 8.95% 83.3% $1,000,000+
Conventional 4.93% - 8.95% 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 affect the displayed commercial loan rates. Commercial loan rates may change at any time and without notice.

Additional Multifamily Types

Additional Multifamily Mortgages

Locations Served in Hawaii

We are proud to be serving the state of Hawaii. Here are our commercial loan statistics for this state.

Hawaii Cities and Towns Served

17

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, feel free to use the provided Hawaii economic reports to get a better understanding of your market.

  • ‘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

Commercial Loan FAQs in Hawaii

Multifamily interest rates in Hawaii vary based on loan type, property type, loan-to-value, debt service coverage ratio, borrower strength, and market conditions. They range from approximately 4.93% to 12.95%.

Borrowers in Hawaii 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 Hawaii 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 Hawaii, including Conventional, Insurance, SBA, USDA, and selected agency programs when eligibility requirements are met.

Yes. Refinance options in Hawaii include rate-and-term and cash-out structures, subject to underwriting, property performance, and lender program guidelines.

Get A Free Quote

Get a free commercial loan quote. This process does not affect your credit score.

Please put your first name here.
Please put your last name here.
Please put your email here.
Please put your phone number here.
Please select a property type.

Was this page helpful?

What Clients Say About Us

Our Reviews

Unfiltered Reviews
Fernando and Leanne are Amazing

Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever

- Nirav Patel

She Took Care of All My Needs

If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.

- Vincent Arias

Commercial Loan Direct Streamlined the Whole Process

We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them

- Rita Pisarski