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Multifamily & Apartment Financing in North Dakota

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

North Dakota 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 North Dakota

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

North Dakota Cities and Towns Served

20

Multifamily Commercial Loans in North Dakota (Summary)

Multifamily financing in North Dakota typically applies to residential properties with five or more units and is underwritten primarily based on the property’s income performance rather than the borrower’s personal income. Lenders focus heavily on cash flow stability, debt service coverage ratio (DSCR), occupancy trends, and the economic strength of the local market.

Common Multifamily Loan Options

  • Agency financing (Fannie Mae and Freddie Mac): Best suited for stabilized properties with consistent occupancy and operating history. These loans often offer longer terms and amortizations for qualified assets.
  • Local and regional bank loans: Community and regional lenders are active in North Dakota and may provide competitive terms, especially for experienced borrowers or smaller properties.
  • Bridge loans: Short-term financing designed for value-add projects, lease-up situations, or property repositioning, typically followed by permanent financing once stabilized.
  • CMBS or debt fund financing: Often used for larger transactions or unique situations where flexible structuring is needed, though prepayment flexibility may be limited.
  • Construction and rehabilitation loans: Used for new developments or significant renovations, generally requiring strong borrower experience, liquidity, and a defined exit strategy.

Key Underwriting Considerations

  • DSCR and NOI strength: Lenders typically require reliable income with conservative underwriting assumptions.
  • Occupancy history: Stable collections and proven tenant demand are critical, especially in smaller markets.
  • Borrower experience and liquidity: Track record and post-closing reserves are important, particularly for value-add or development deals.
  • Property condition: Deferred maintenance or large capital needs may reduce loan proceeds or require repair escrows.
  • Market stability: Population trends, employment drivers, and local economic diversity are closely evaluated.

Typical Uses for Multifamily Financing

  • Acquisition: Purchase stabilized or transitional apartment properties.
  • Refinance: Replace existing debt, improve terms, or access equity through cash-out.
  • Value-add improvements: Fund unit upgrades, operational improvements, or repositioning strategies.
  • Ground-up development: Finance new construction with a plan to refinance after stabilization.

Market-Specific Considerations in North Dakota

North Dakota’s multifamily lending environment is influenced by its smaller population centers and economic dependence on industries such as energy, agriculture, and government employment. Lenders often take a more conservative approach in markets affected by commodity cycles or population fluctuations. Borrowers can improve financing outcomes by demonstrating stable demand drivers, conservative rent projections, and adequate operating reserves.

How to Strengthen a Loan Request

  • Provide complete documentation: Current rent roll, trailing 12-month operating statements, and a detailed budget.
  • Use realistic projections: Support rent increases and occupancy assumptions with local market data.
  • Maintain liquidity: Lenders favor borrowers with sufficient cash reserves after closing.
  • Align financing with the business plan: Bridge for transitional properties, long-term agency or bank debt for stabilized assets.

Lending Cities

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

  • Adams County
  • Amidon
  • Ashley
  • Barnes County
  • Beach
  • Belcourt
  • Belfield
  • Benson County
  • Beulah
  • Billings County
  • Bismarck
  • Bottineau
  • Bottineau County
  • Bowbells
  • Bowman
  • Bowman County
  • Burke County
  • Burleigh County
  • Burlington
  • Cando
  • Carrington
  • Carson
  • Cass County
  • Casselton
  • Cavalier
  • Cavalier County
  • Center
  • Cooperstown
  • Crosby
  • Devils Lake
  • Dickey County
  • Dickinson
  • Divide County
  • Dunn County
  • Eddy County
  • Ellendale
  • Emmons County
  • Fargo
  • Fessenden
  • Finley
  • Forman
  • Fort Totten
  • Fort Yates
  • Foster County
  • Garrison
  • Golden Valley County
  • Grafton
  • Grand Forks
  • Grand Forks Air Force Base
  • Grand Forks County
  • Grant County
  • Griggs County
  • Harvey
  • Hazen
  • Hettinger
  • Hettinger County
  • Hillsboro
  • Horace
  • Jamestown
  • Kenmare
  • Kidder County
  • Killdeer
  • Lakota
  • LaMoure County
  • Langdon
  • Larimore
  • Lincoln
  • Linton
  • Lisbon
  • Logan County
  • Mandan
  • Manning
  • Mayville
  • McClusky
  • McHenry County
  • McIntosh County
  • McKenzie County
  • McLean County
  • Medora
  • Mercer County
  • Minnewaukan
  • Minot
  • Minot Air Force Base
  • Mohall
  • Morton County
  • Mott
  • Mountrail County
  • Napoleon
  • Nelson County
  • New Rockford
  • New Town
  • Oakes
  • Oliver County
  • Park River
  • Parshall
  • Pembina County
  • Pierce County
  • Ramsey County
  • Ransom County
  • Renville County
  • Richland County
  • Rolette County
  • Rolla
  • Rugby
  • Sargent County
  • Sheldon
  • Shell Valley
  • Sheridan County
  • Sioux County
  • Slope County
  • Stanley
  • Stanton
  • Stark County
  • Steele
  • Steele County
  • Stutsman County
  • Surrey
  • Thompson
  • Tioga
  • Towner
  • Towner County
  • Traill County
  • Valley City
  • Velva
  • Wahpeton
  • Walsh County
  • Ward County
  • Washburn
  • Watford City
  • Wells County
  • West Fargo
  • Williams County
  • Williston

Commercial Loan FAQs in North Dakota

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

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

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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

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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.

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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

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