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Loan program

Agency Multifamily (Fannie / Freddie)

Best-in-class rates and non-recourse financing for stabilized 5+ unit properties.

Rate range

5.50% – 6.75%

Max LTV / LTC

70% – 80%

Term

5, 7, 10, 12-yr fixed; 30-yr amortization

Fannie Mae Small Loans, Freddie SBL, and Freddie Optigo programs for stabilized multifamily.

Best for

  • Stabilized 5+ unit apartments
  • Sponsors with prior multifamily experience
  • Long-term holds ($1M–$50M+ loans)

Eligibility

  • 85%+ occupancy for 90 days
  • 1.25+ DSCR at underwriter-adjusted NOI
  • Sponsor net worth ≥ loan amount, liquidity ≥ 9–12 months debt service
  • 660+ FICO

Documents needed

  • T-12, rent roll, T-3 for lease-up validation
  • Sponsor bios and REO schedule
  • Property inspection, appraisal, Phase I
  • Zoning + site plan

Pros

  • Non-recourse (with standard carveouts)
  • Lowest fixed rates in commercial
  • 30-yr amortization
  • Interest-only options

Considerations

  • Long close (60–90+ days)
  • Significant third-party report cost
  • Rigid underwriting — miss occupancy or DSCR by a hair and you're re-quoted
  • Yield-maintenance or defeasance prepay

Agency financing is where multifamily investors migrate as they scale. The trade-off is time and process complexity for pricing that private lenders simply cannot match.

Bridge-to-agency is the standard playbook: use bridge to acquire and stabilize a value-add property, then refi into agency at stabilization for permanent long-term financing.

Common questions

Minimum loan size?

Fannie Small Loans start at $1M, Freddie SBL at $1M. Below $1M, look at bank or DSCR-commercial hybrids.

How long to close?

60–90 days is standard; complex deals push 120+.

Ranges shown are educational. Actual pricing and terms depend on your credit, the property, and current market conditions. Nothing on this page is an offer of credit.