Multifamily loans for apartment buildings with 5+ units, including $5M-$10M acquisitions and refinances. We work with agency, HUD, CMBS, and bridge lenders to find the best execution for your deal.
At REIF Loans, we place financing for multifamily properties with 5 or more units, providing investors with the capital, structure, and guidance to scale their portfolios.
Our apartment loan programs combine flexible underwriting, DSCR-based qualification, and competitive terms to support both seasoned and first-time multifamily investors.
Whether you’re refinancing an existing property, acquiring a new asset, or repositioning for higher yield, our team delivers clarity, speed, and confidence every step of the way.
A multifamily loan is a commercial real estate loan designed for apartment buildings or rental complexes with five or more units.
Unlike residential mortgages, these loans rely on property income and operating performance, not personal income.
Multifamily financing is typically structured using key investment metrics:
Apartments generate consistent rental income across multiple tenants, reducing vacancy risk.
Loans are approved based on property cash flow, not personal tax returns or W-2s.
We place multifamily loans through agencies (roughly $1M-$10M), HUD, and CMBS lenders, so you can compare executions side by side.
Finance acquisitions, refinances, or cash-out transactions for growth and portfolio optimization.
Access competitive interest rates structured for stabilized or transitioning assets.
Our DSCR multifamily programs simplify qualification by focusing on property income rather than borrower income.
The DSCR formula
DSCR = Net Operating Income divided by Annual Debt Service
A ratio of 1.25 or higher typically qualifies, meaning the property earns at least 25% more than its annual loan payments.
Required documents
Key benefits
Multifamily lenders test three limits and fund the lowest one:
Loans are approved based on property cash flow, not personal tax returns or W-2s.
Net operating income divided by annual debt service - typically 1.20x-1.30x.
Debt yield is net operating income divided by the loan amount, and conduit lenders often require 8.5% or more. Unlike DSCR, It cannot be improved with a lower rate or interest-only payments.
When rates are high, DSCR or debt yield, not LTV, usually limits the loan. Lenders also rebuild the owner’s numbers using actual rents, at least 5% vacancy, a management fee even if the owner self-manages, replacement reserves, and current property taxes and insurance. As a result, the lender’s NOI is almost always lower than the owner’s.
An investor buys a 96-unit apartment building for $11 million and asks for an $8 million loan. After adjusting the owner's numbers, the lender calculates the property's net operating income at $720,000 a year and then tests the loan three ways. At a 9% debt yield, the income could support $8.0 million. At a 1.25x debt service coverage ratio, with a 6.5% rate and 30-year amortization, the income could cover payments on a $7.59 million loan. Because the lender funds the lowest of the three, the borrower gets $7.59 million.
Illustrative example only. Rates, terms, and availability vary by lender and property and are subject to underwriting and credit approval.
While programs vary by lender and property size, REIF Loans structures financing based on proven investment criteria.
Typical guidelines include:
We work with investors at every experience level to ensure clear, achievable financing plans.
Designed for loans up to $10 million, offering simplified underwriting and quicker closings.
Fixed-rate, non-recourse loans for stabilized, income-producing apartment buildings.
Short-term financing to acquire or reposition a property before moving into a long-term DSCR structure.
Leverage built-up equity to reinvest, renovate, or expand your portfolio.
Finance properties combining residential units with retail or office components for diversified income.
For long-term holds: up to 87% LTV, 35-year fully amortizing fixed rate, non-recourse and assumable. Plan on 4-6+ months to close.
Non-recourse financing for stabilized apartments in primary and secondary markets, typically 5- to 10-year terms. Sized on debt yield and DSCR; prepayment by defeasance or yield maintenance.
Short-term financing for lease-up or renovation, with a planned refinance into agency debt once the property stabilizes.
Multifamily loans are based on property income and operating performance, while residential loans depend on personal income and credit.
Typically loans under $10 million, these programs feature streamlined underwriting and faster closings for smaller investors.
Yes. DSCR multifamily loans are ideal for investors who prefer property-based qualification rather than personal income verification.
Lenders typically require a rent roll, T-12 financials, property tax statements, and current lease data to verify income and expenses.
Multifamily loans are based on property income and operating performance, while residential loans depend on personal income and credit.
They calculate a maximum loan three ways – loan-to-value, debt service coverage (DSCR), and debt yield – and fund the lowest of the three. We run all three tests before we take your deal to market.
We place multifamily loans from about $1M to $10M through agency programs, CMBS, and HUD, and we can review larger requests.
Most close in 60-90 days. Agency loans usually fall in that range; HUD loans often take 4-6 months or more, and complex or construction deals can take 90-120 days.
In many cases, yes. Agency, CMBS, life company, and HUD loans are generally non-recourse with standard “bad-boy” carve-outs.
This is common on refinances, especially when an older low-rate loan matures (a “cash-in refinance”). We show you the options: agency execution, a partial interest-only period, a rate buydown, additional equity or a partner, or a short bridge loan while income grows.
Whether you’re acquiring a new apartment building or refinancing an existing one, REIF Loans delivers customized multifamily financing solutions for long-term success.
Our team combines market knowledge, DSCR expertise, and transparent service to help investors maximize returns and grow their portfolios with confidence.
