Eligible Property Types
- 5+ unit apartment buildings (stabilized and value-add)
- Garden-style, mid-rise, and walk-up apartment buildings
- Transitional or vacant multifamily in lease-up
- Mixed-use with majority residential component
- Workforce housing and naturally occurring affordable housing (NOAH)
- Portfolio of individual multifamily properties (select programs)
Common Use Cases
- Acquisition of stabilized or value-add apartment properties
- Bridge financing for multifamily in lease-up or transition
- Recapitalization and cash-out refinance of stabilized apartment assets
- Refinance of maturing debt on multifamily with near-stabilized performance
- Repositioning capital for value-add multifamily through capital improvements
- Permanent or term financing for seasoned income-producing apartment assets
Typical Borrower Profile
- Experienced multifamily operators and apartment investors
- Sponsors with a portfolio of stabilized income-producing multifamily assets
- Value-add investors with a documented repositioning track record
- Developers completing a multifamily project and seeking bridge-to-perm financing
Required Documentation
- Property rent roll (current, trailing 3–12 months)
- Trailing 12-month operating statement
- Borrower/sponsor background and entity documents
- Preliminary appraisal or recent market valuation
- Current title report and survey
- Capital improvement plan (for value-add transactions)
- Existing debt schedule (for refinance transactions)
Frequently Asked Questions
What is the minimum number of units for a multifamily loan?
Multifamily commercial programs generally begin at 5 or more units. Properties with 1–4 units may be eligible under DSCR or other residential investor programs.
What DSCR is required for multifamily permanent financing?
Stabilized multifamily permanent programs typically require a minimum DSCR of 1.20x or higher based on in-place or market rents. DSCR requirements vary by LTV, program, and asset quality.
Can I get a bridge loan for a multifamily property in lease-up?
Yes. Bridge programs are available for transitional multifamily in lease-up or repositioning. The loan is sized to stabilized value with a defined stabilization timeline and exit strategy.
Are mixed-use properties with apartments eligible?
Mixed-use properties with a majority residential component are typically eligible for multifamily programs. Properties with significant commercial components may be evaluated as mixed-use. See our Mixed-Use Financing program page for more details.
Request Preliminary Terms
Submit your loan request summary and a member of our originations team will follow up to discuss preliminary terms.
Submit a Loan Request Contact OriginationsEligible Markets
Lending is limited to the Top 200 U.S. MSAs. Rural and low-population markets are not eligible.
Subject to underwriting, collateral review, borrower qualification, and lender approval. Not a commitment to lend.
Related Programs
How the Preliminary Term Process Works
Programs are available for qualified sponsors, developers, brokers, and real estate investors. Preliminary terms are subject to underwriting, valuation, market conditions, borrower qualifications, collateral review, and final credit approval.
Step 01
Submit Loan Request Summary
Provide property address, loan amount requested, use of proceeds, and sponsor information through our secure loan request submission portal.
Step 02
Preliminary Review
Our originations team reviews the submission and responds with a preliminary indication of interest and any additional information needed.
Step 03
Term Sheet Issuance
If the loan request meets our program criteria, we issue a preliminary term sheet outlining structure, pricing, and conditions for formal underwriting.