Our multifamily loan program finances stabilized apartment buildings and mixed-use properties with 5 or more units — and unlike our residential DSCR programs, there is no cap on the number of units or the loan amount. Loans start at $500,000 and scale to $25 million and beyond, covering everything from a 6-unit building in Chicago to a 300-unit community in Los Angeles.
Leverage is determined by the property's in-place cash flow: current rent roll and operating statements drive the maximum loan, up to 75% LTV, with a minimum debt service coverage of 1.20x for principal-and-interest loans or 1.25x for interest-only. Non-recourse structures are available, and rate lock is offered at application so you're not exposed to rate movement during underwriting.
⚠️ Market eligibility: this program lends in
select major metro markets only — California (Los Angeles, Orange County, San Diego, San Francisco, Sacramento), Seattle, Portland, Denver, Minneapolis, Milwaukee, Chicago, New York, Boston, and Washington D.C. Properties outside these markets are
not eligible. For 1–4 unit rentals we lend nationwide through our
DSCR loan programs.
Multifamily Loan Terms — 2026 Program
Multifamily Program Highlights 5+ Units
Property TypesStabilized 5+ unit apartment & mixed-use — no unit cap
Loan Size$500,000 minimum — $25M+ (no maximum)
Max LTV75%, subject to underwriting & in-place cash flow
Min DSCR1.20x (P&I) / 1.25x (Interest-Only)
Term / AmortizationUp to 15-year term, 30-year amortization
Agency OptionFannie Mae® / Freddie Mac® — 5–30 yr fixed or floating
Hybrid3, 5, 7, or 10-year initial fixed, then adjustable
Fixed7 or 10-year fixed · 15-year fixed self-amortizing
ARMUp to 15-year term, adjustments every 6 months
Indexes6-Month Term SOFR & 12-MTA
Lifetime CapGreater of 10.95%, or 5% above initial fixed rate
LiabilityNon-recourse available
Rate LockAt application — deposit refunded at closing
PrepaymentFlexible stepdown or index-based options
AssumableYes, with 1% fee
TransactionsAcquisition, refinance, construction take-out (lease-up)
Application DepositGreater of $2,000 or 0.125% of loan amount — applied as the processing fee at closing; covers appraisal & third-party reports
Not Required (Most Cases)Tax & insurance impounds, capital improvement reserves, engineering report, seismic / PML report, legal opinion
Phase 1 environmental report required for loans above $7.5 million. Other standard closing costs may apply. Final terms subject to underwriting.
Markets We Lend In
Multifamily pricing and liquidity concentrate in major metros, and this program follows that footprint. Eligible markets:
Los Angeles, CAGreater LA & San Fernando Valley
Orange County, CAAnaheim · Irvine · Santa Ana
San Diego, CASan Diego metro
San Francisco, CASF & Bay Area
Sacramento, CASacramento metro
Seattle, WAPuget Sound metro
Portland, ORPortland metro
Denver, CODenver metro
Minneapolis, MNTwin Cities
Milwaukee, WIMilwaukee metro
Chicago, ILChicagoland
New York, NYNYC metro
Boston, MAGreater Boston
Washington, D.C.D.C. metro
Outside these markets? A 5+ unit property in another metro is not eligible for this program. If your property is 1–4 units, our nationwide DSCR loan programs cover 49 states regardless of metro.
Loan Structures Explained
Hybrid (3/5/7/10-Year Fixed, Then Adjustable)
The workhorse of bank multifamily lending. You lock an initial fixed rate for 3, 5, 7, or 10 years, then the rate adjusts for the remaining term — typically every six months off 6-Month Term SOFR or 12-MTA, with a lifetime cap at the greater of 10.95% or 5% above your start rate. Best for investors who plan to refinance, sell, or reposition within the fixed window but want the safety of a longer overall term.
Fixed & Fixed Self-Amortizing
Seven and ten-year fixed rates for owners who want payment certainty through a full hold period, plus a 15-year fixed self-amortizing option that pays the loan to zero — popular with owner-operators planning to hold free-and-clear into retirement.
ARM (Up to 15-Year Term)
Floating from day one with rate and payment adjustments every six months. Typically the lowest starting rate; best when you expect to exit quickly or believe rates are heading down.
Fannie Mae® & Freddie Mac® Agency
For stabilized properties that fit the agency box, we place 5–30 year fixed or floating agency loans with 30-year amortization — for acquisition, refinance, or construction take-out once the property leases up. Agency executions are typically non-recourse with standard carve-outs and offer the longest fixed terms available in multifamily.
What We Need to Quote Your Deal
Multifamily quotes are driven by the property's actual numbers. To review a transaction and issue a quote, we generally need four things:
- Property address — to confirm the market and pull comparables.
- Current rent roll — unit mix, in-place rents, and occupancy.
- Operating statements — trailing 12 months of income and expenses (year-end statements work as a starting point).
- Borrower information — estimated net worth and liquidity, and the number of multifamily properties or units you currently own.
With those four items we can typically turn around preliminary sizing and pricing quickly — no application fee to get a quote, and no impact to your credit.
Get a Multifamily Quote in 30 Seconds
$500K to $25M+ · 5+ units with no cap · No impact to credit. Select “Multifamily 10+ Units” (or 5–9 units) as your property type.
Check My Eligibility →
Who This Program Is Built For
- Experienced investors scaling from 1–4 unit rentals into true multifamily — the 5–20 unit range is the natural next step, and this program prices it properly instead of forcing it into residential boxes.
- Owner-operators who self-manage apartment buildings and want long fixed periods, 30-year amortization, and the option to pay a property off entirely on the 15-year self-amortizing track.
- Value-add buyers at stabilization — once a repositioned property has stabilized occupancy and trailing cash flow, this is the take-out for bridge or construction debt, including agency lease-up take-outs.
- 1031 exchange buyers trading residential portfolios into a single larger multifamily asset in a major metro.
Underwriting looks at your track record and your balance sheet — net worth and liquidity relative to the loan amount — alongside the property's cash flow. Newer investors with strong financials should call to discuss where they fit.
Multifamily Loan vs. Residential DSCR
| Multifamily Program (5+ Units) | Residential DSCR (1–4 Units) |
|---|
| Loan size | $500K — $25M+ (no cap) | Up to $15M |
| Units | 5+ — no cap | 1–4 |
| Markets | Select major metros only | 49 states nationwide |
| Max LTV | 75% | Up to 85% |
| Qualifying | Property NOI · 1.20x/1.25x DSCR | Property rent · DSCR ratio |
| Recourse | Non-recourse available | Typically recourse w/ entity |
| Terms | Hybrid, fixed, ARM, agency 5–30 yr | 30-yr fixed, IO, ARM |
| Borrower | Experienced investors & owner-operators | First-timers welcome |
Frequently Asked Questions
What size multifamily loans do you offer? +
Loan amounts start at $500,000 with no maximum — we regularly place multifamily loans of $25 million and above. There is also no cap on the number of units; the program covers everything from a 5-unit building to institutional-scale apartment communities.
What property types are eligible? +
Stabilized apartment properties with 5 or more units, and mixed-use properties where multifamily is the dominant use. There is no upper cap on unit count. The property should have stabilized occupancy and in-place cash flow that supports the loan.
What markets do you lend in for multifamily? +
Major metro markets only: California (Los Angeles, Orange County, San Diego, San Francisco Bay Area, Sacramento), Seattle WA, Portland OR, Denver CO, Minneapolis MN, Milwaukee WI, Chicago IL, New York, Boston MA, and Washington D.C. Properties outside these markets are not eligible for this program.
What DSCR do I need? +
1.20x debt service coverage for principal-and-interest loans, or 1.25x for interest-only. Leverage is determined by in-place cash flow — the property's actual rent roll and operating statements drive the maximum loan amount, up to 75% LTV.
Are the loans non-recourse? +
Non-recourse options are available, subject to underwriting. Agency (Fannie Mae and Freddie Mac) executions are typically non-recourse with standard carve-outs, and non-recourse is also available on select bank-balance-sheet executions.
What loan structures are available? +
Hybrid loans with an initial fixed rate of 3, 5, 7, or 10 years then adjustable for the remaining term; 7 and 10-year fixed rates; a 15-year fixed self-amortizing option; ARMs up to a 15-year term with rate adjustments every six months; and Fannie Mae / Freddie Mac agency loans with 5–30 year fixed or floating terms and 30-year amortization.
What do you need to quote my deal? +
Four things: the property address, a current rent roll, operating statements (trailing 12 months preferred), and basic borrower information — estimated net worth and liquidity, plus the number of multifamily properties or units you currently own.
Who qualifies? +
The program is built for experienced investors and owner-operators. Lenders will look at your track record with multifamily or comparable commercial real estate, plus net worth and liquidity relative to the loan amount. First-time apartment buyers with strong financials should call to discuss options.
Can I lock my rate early? +
Yes — rate lock is available at application. A deposit is required to lock and is refunded at closing, which removes interest-rate risk during underwriting.
Talk to a Multifamily Specialist
Quote from a rent roll and operating statements. Major metro markets only.
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Related Resources
DSCR Capital Partners is a brand of UTM Financial, LLC (NMLS #2591548), a licensed mortgage broker. The multifamily loan program described on this page is offered through wholesale and correspondent lender partners; specific program terms, rates, fees, indexes, caps, and market eligibility are subject to change without notice and final terms depend on full underwriting of the property and borrower. Available in select major metropolitan markets only. Leverage is determined by in-place cash flow and is subject to appraisal and underwriting criteria. Fannie Mae® and Freddie Mac® are registered trademarks of their respective owners; agency loans are subject to agency eligibility requirements. Equal Housing Lender. Not a loan commitment.