Multifamily loan comparison by Stackup

Every program ranked by the loan it allows

Showing a made-up 48-unit building (a $9.4 million value and $610,000 of NOI) until you enter yours. Estimates only; not offers to lend.

Multifamily loan programs sized against the building above, largest estimate first
Rank	Program	Fits, or why not	Max by LTV or LTC	Max by DSCR	Max loan	Binding constraint	Est. payment	HUD MIP	Term and amortization	Prepayment	Recourse	Typical structure
1	Purchase or refinance	Fits the limits	$8.18M	$6.88M	$6.88M	DSCR 1.15x	$44,203/mo incl. MIP	0.25% upfront ($17,206) + 0.25%/yr ($1,434/mo)	35-yr term, fully amortizing	Barred for 5 years after endorsement by statute (limited exceptions)	Non-recourse to the borrower entity, with carve-outs	Level monthly payments for the full term. Single-asset borrower. Ownership transfers need HUD approval (TPA).
2	Conventional properties	Fits the limits	$7.52M	$6.27M	$6.27M	DSCR 1.25x	$40,667/mo	None	5 to 30-yr term, 30-yr amortization	Yield maintenance (fixed rate); declining premium (variable rate)	Non-recourse on most loans over $750,000, with bad-act carve-outs	Fixed or variable rate. Reserve, tax and insurance escrows typically required. Typically assumable with approval.
3	Up to $9 million	Fits the limits	$7.52M	$6.27M	$6.27M	DSCR 1.25x	$40,667/mo	None	5 to 30-yr term, 30-yr amortization	Yield maintenance or a declining premium	Non-recourse, with bad-act carve-outs	Fixed or variable rate. Streamlined inspection and environmental screening. Takes affordable and co-op properties too.
4	$2M to $10M, 5 to 50 units	Fits the limits 0.1% application fee.	$7.52M	$6.27M	$6.27M	DCR 1.25x	$40,667/mo	None	10-yr term (from your hold), 30-yr amortization	Yield maintenance, 2-yr lockout, then defeasance; step-down available at extra cost	Non-recourse except standard carve-outs	Fixed rate only. Single-purpose borrower, standard loan documents, 0.1% application fee. Replaced the Small Balance Loan program in 2026.
	Fixed rate, $10 million and up	Doesn’t fitSizes to $6.27M, under the $10 million minimum. Look at Conventional Small.	$7.52M	$6.27M	n/a	–	–	None	10-yr term (from your hold), 30-yr amortization	Yield maintenance until securitized, 2-yr lockout, then defeasance; open the last 90 days	Non-recourse except standard carve-outs	Fixed rate here; a floating version on 30-day Average SOFR has its own term sheet with the same LTV and DCR grid.
	New construction or substantial rehab	Doesn’t fitNew construction or substantial rehab only.	n/a	n/a	n/a	–	–	0.25% upfront + 0.25%/yr	Construction period, then up to 40 years	HUD permits but does not impose restrictions; the lender sets them	Non-recourse to the borrower entity, with carve-outs	One loan can cover construction and the permanent period, at the same or different rates.
	Refinance of an FHA-insured loan	Doesn’t fitOnly refinances a loan that is already FHA-insured.	n/a	n/a	n/a	–	–	0.25% upfront + 0.25%/yr	Remaining term plus up to 12 years	HUD does not impose restrictions; the lender sets them	Non-recourse to the borrower entity	Re-amortizes an existing FHA loan, usually to a lower rate. No cash out.
	Small business loans	Doesn’t fitApartment buildings are not eligible (SBA SOP 50 10 8.1; 13 CFR 120.110(c)).	n/a	n/a	n/a	–	–	n/a	n/a	n/a	n/a	Apartment buildings count as passive real estate, which SBA does not finance.
	Portfolio loan	No published termsNo published standard terms. Each lender sets its own. Recourse terms are not published; ask each lender.	Not published	Not published	Not published	–	–	n/a	Not published	Not published	Not published	Each lender sets its own terms. Federal guidelines cap a bank’s own LTV policy at 85% for 5+ unit residential and 80% for construction, with exceptions allowed.
	Securitized loan	No published termsNo published standard terms. Each lender sets its own. Recourse terms are not published; ask each lender.	Not published	Not published	Not published	–	–	n/a	Not published	Not published	Not published	The loan is pooled into a bond deal. The sponsor keeps at least 5% of the credit risk, and a special servicer takes over loans that run into trouble.
	Short-term, transitional	No published termsNo published standard terms. Each lender sets its own. Recourse terms are not published; ask each lender.	Not published	Not published	Not published	–	–	n/a	Not published	Not published	Not published	Made by debt funds, banks and private lenders. No primary source publishes bridge terms.
	Non-QM business-purpose	No published termsNo published standard terms. Each lender sets its own. Recourse terms are not published; ask each lender.	Not published	Not published	Not published	–	–	n/a	Not published	Not published	Not published	A business-purpose loan, so outside Regulation Z’s consumer-mortgage rules. Every lender sets its own terms.

Tap a program name for its published limits, source and document date. Payments are principal and interest at the rate above on the estimated loan (your requested amount if it fits, otherwise the max), plus HUD's annual mortgage insurance where it applies. HUD MIP is 0.25% upfront and 0.25% a year for applications submitted on or after October 1, 2025 (FR Doc 2025-18379). How each number is calculated.

Fannie Mae DUS

Max LTV or LTC: 80%
Min DSCR: 1.25x

Source: Fannie Mae term sheet, Conventional Properties, copy dated 2025-11-17. Fannie Mae's site blocks automated readers, so this was read from an Internet Archive copy.

Every published term, with the exact wording

Fannie Mae Small Loans

Max LTV or LTC: 80%
Min DSCR: 1.25x

Source: Fannie Mae term sheet, Small Mortgage Loans, copy dated 2025-12-17. Fannie Mae's site blocks automated readers, so this was read from an Internet Archive copy.

Every published term, with the exact wording