Multifamily & Apartment Financing in Montana

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

Montana 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 Montana

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

Montana Cities and Towns Served

27

Montana Multifamily Commercial Lending Landscape

Montana’s multifamily lending market is influenced by smaller population centers, limited inventory in many towns, and demand tied to government, healthcare, tourism, universities, and regional employers. Because many submarkets are thinly traded, lenders often emphasize proven cash flow, strong sponsorship, and realistic assumptions on rent growth and exit value.

Primary Financing Options in Montana

  • Agency loans (Fannie Mae / Freddie Mac): Often used for stabilized 5+ unit properties with consistent occupancy and predictable operations. Larger and more institutional-quality assets typically execute best.
  • Local and regional banks / credit unions: A common source of financing for smaller properties and relationship-driven deals. Recourse, shorter terms, and conservative leverage are typical.
  • Bridge loans: Used for value-add renovations, lease-up, or operational improvements where the asset isn’t yet eligible for long-term permanent debt.
  • Debt funds / private lenders: Can provide flexibility and speed for unique assets or challenging markets, usually at higher rates and with stricter fees.
  • Construction loans: Typically require strong guarantees, meaningful equity, and tight control of budgets and draws, especially in smaller markets with contractor and timeline risk.

Key Montana Underwriting Considerations

Lenders in Montana often underwrite to stability and liquidity. In many areas, fewer comparable sales and seasonal economic swings can lead to more conservative valuations, reserves, and debt coverage requirements.

  • Market depth and comps: Thin transaction volume can reduce appraised values and limit proceeds, even when operations look strong.
  • Seasonality and local demand: Tourism-driven or seasonal employment areas may face extra scrutiny on occupancy and rent durability.
  • Property condition and capex: Harsh winters and older building stock can increase maintenance risk, pushing lenders to require larger reserves or scope clarity.
  • Occupancy and collections history: Lenders prefer clean operating history; volatility can shift the loan to shorter terms or lower leverage.
  • Borrower strength: Net worth, liquidity, and proven management matter more in smaller markets where lender “takeout” options are limited.

Common Deal Profiles in Montana

  • Stabilized workforce housing: Often financed through banks or agency debt when the asset is in a stronger demand pocket and financials are consistent.
  • Value-add / repositioning: Frequently uses bridge financing to renovate and stabilize, followed by a refinance into permanent debt.
  • Small-balance multifamily: 5–50 unit properties are commonly financed locally; documentation quality and sponsor experience are critical.
  • New development: Construction loans typically require strong pre-development work, conservative pro formas, and clear feasibility given cost and timeline risk.

What Montana Lenders Typically Require

A strong loan package helps lenders get comfortable with both the asset and the market. Expect emphasis on documented income, realistic expenses, and a credible plan for stabilization or renovations.

  • Operating documentation: Current rent roll, trailing 12-month (T-12) financials, and explanations for any unusual income/expense items.
  • Third-party reports: Appraisal, Phase I environmental, and property condition assessments depending on the lender and loan type.
  • Capex plan: Detailed scope, contractor bids, and timelines for renovations or deferred maintenance.
  • Sponsor profile: Resume/track record, liquidity verification, and management plan (especially important for out-of-state owners).

Challenges and Opportunities

Montana can offer strong occupancy and rent support in certain areas, but lending can be conservative where comps are scarce and exits are less liquid. Deals that show durable demand, strong operations, and disciplined underwriting assumptions tend to receive the best terms.

  • Challenges: limited comparable sales, higher sensitivity to property condition, and stricter scrutiny in very small or seasonal markets.
  • Opportunities: improving under-managed assets, adding units or amenities where demand supports it, and stabilizing properties to qualify for long-term financing.

How to Improve Financing Terms in Montana

  • Choose the right debt: Stabilized assets generally fit permanent loans; heavy renovations often need bridge financing first.
  • Be conservative on assumptions: Support rent comps, vacancy assumptions, and expense ratios with local data where possible.
  • Tell the market story: Highlight year-round demand drivers like healthcare, government, universities, and diversified employers.
  • Show liquidity and contingency: Strong reserves and sponsor capacity reduce lender perceived risk in thin markets.

Lending Cities

Commercial loan direct provides services in the following Montana 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 Montana economic reports to get a better understanding of your market.

  • Absarokee
  • Anaconda
  • Baker
  • Beaverhead County
  • Belgrade
  • Big Horn County
  • Big Sky
  • Big Timber
  • Bigfork
  • Billings
  • Blaine County
  • Bonner-West Riverside
  • Boulder
  • Bozeman
  • Broadus
  • Broadwater County
  • Browning
  • Butte
  • Butte-Silver Bow (Balance)
  • Carbon County
  • Carter County
  • Cascade County
  • Chester
  • Chinook
  • Choteau
  • Chouteau County
  • Circle
  • Clancy
  • Clinton
  • Colstrip
  • Columbia Falls
  • Columbus
  • Conrad
  • Crow Agency
  • Custer County
  • Cut Bank
  • Daniels County
  • Dawson County
  • Deer Lodge
  • Deer Lodge County
  • Dillon
  • East Helena
  • East Missoula
  • Ekalaka
  • Eureka
  • Evergreen
  • Fallon County
  • Fergus County
  • Flathead County
  • Forsyth
  • Fort Belknap Agency
  • Fort Benton
  • Four Corners
  • Frenchtown
  • Gallatin County
  • Garfield County
  • Glacier County
  • Glasgow
  • Glendive
  • Golden Valley County
  • Granite County
  • Great Falls
  • Hamilton
  • Hardin
  • Harlowton
  • Havre
  • Helena
  • Helena Valley Northeast
  • Helena Valley Northwest
  • Helena Valley Southeast
  • Helena Valley West Central
  • Helena West Side
  • Hill County
  • Hysham
  • Jefferson County
  • Jordan
  • Judith Basin County
  • Kalispell
  • Lake County
  • Lakeside
  • Lame Deer
  • Laurel
  • Lewis and Clark County
  • Lewistown
  • Libby
  • Liberty County
  • Lincoln
  • Lincoln County
  • Livingston
  • Lockwood
  • Lolo
  • Madison County
  • Malmstrom Air Force Base
  • Malta
  • Manhattan
  • McCone County
  • Meagher County
  • Miles City
  • Mineral County
  • Missoula
  • Missoula County
  • Montana City
  • Musselshell County
  • North Browning
  • Orchard Homes
  • Pablo
  • Park County
  • Petroleum County
  • Philipsburg
  • Phillips County
  • Plains
  • Plentywood
  • Polson
  • Pondera County
  • Powder River County
  • Powell County
  • Prairie County
  • Ravalli County
  • Red Lodge
  • Richland County
  • Ronan
  • Roosevelt County
  • Rosebud County
  • Roundup
  • Ryegate
  • Sanders County
  • Scobey
  • Seeley Lake
  • Shelby
  • Sheridan County
  • Sidney
  • Silver Bow County
  • Somers
  • South Browning
  • Stanford
  • Stevensville
  • Stillwater County
  • Sun Prairie
  • Superior
  • Sweet Grass County
  • Terry
  • Teton County
  • Thompson Falls
  • Three Forks
  • Toole County
  • Townsend
  • Treasure County
  • Valley County
  • Virginia City
  • Warm Springs
  • West Glendive
  • West Yellowstone
  • Wheatland County
  • White Sulphur Springs
  • Whitefish
  • Whitehall
  • Wibaux
  • Wibaux County
  • Winnett
  • Wolf Point
  • Yellowstone County

Commercial Loan FAQs in Montana

Multifamily interest rates in Montana 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 Montana 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 Montana 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 Montana, including Conventional, Insurance, SBA, USDA, and selected agency programs when eligibility requirements are met.

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

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