Commercial real estate
Multifamily Loans
Multifamily financing covers apartment properties with five or more units. Stabilized properties may fit permanent bank or agency debt; assets with vacancy or a substantial renovation plan often need bridge financing first.
Who it fits
Apartment acquisitions, refinances and value-add projects, with financing matched to the property’s current operating condition.
Work through the numbers
A practical example
Illustration: $125,000 of lender-underwritten NOI at a 1.25x DSCR supports at most $100,000 of annual debt service. The loan amount then depends on the interest rate and amortization, even if the property’s value would permit a larger loan.
What to have ready
- Current rent roll, leases and trailing operating statements
- Capital improvements, deferred maintenance and unit mix
- Sponsor experience, entity records and financial statements
Questions, answered.
Start with the financing mechanics, then look at the details that can change your actual terms.
Why is a five-unit building underwritten differently?
Commercial underwriting focuses on the building’s sustainable net operating income and operating risks. The lender reviews collections, expenses, vacancy, reserves and condition in detail. A rent roll alone does not establish the income used to size the loan.
Does 80% LTV guarantee a 20% down payment?
No. Debt-service coverage or another constraint can require more equity. Closing costs, replacement reserves, escrows and repair funding can also increase the cash requirement. Size the transaction using the lowest of the applicable limits.
Can a value-add apartment property get permanent debt?
It depends on current occupancy, condition and income. A lender may not give full credit for projected rent increases or unfinished renovations. Bridge financing can support the transition, with a permanent refinance considered after operating performance supports it.
What does non-recourse really mean?
Non-recourse financing limits ordinary repayment liability but usually includes specific guaranties and carve-outs. Fraud, misuse of funds or other specified events can create personal liability. Review the actual guaranty language; the marketing label is not the contract.
What should I check if I may sell early?
Prepayment economics, assumption rules and release conditions matter. A long-term fixed-rate loan can carry yield maintenance or another significant payoff charge. Compare loan structures against the planned hold, not just the current rate.
What should I send CommFi to evaluate my scenario?
Start with the property or equipment details, transaction amount, intended use and timing. Include the documents listed above when available. CommFi can then assess the financing route and request scenario-specific terms. A pre-qualification is preliminary; appraisal, documentation and final lender approval can change the result.
Go a little deeper
Program references
Published references checked September 26, 2026. Third-party examples describe market programs and do not establish a CommFi lending relationship or guarantee availability.
Headline terms are illustrative best-case program features for qualified scenarios, not a loan offer or a confirmed CommFi lender commitment. Availability, proceeds and pricing depend on the lender, borrower, collateral and final underwriting. Maximum leverage, lowest pricing and fastest closing may not be available together.