Multi-family loans that close
with confidence, not complications.
UFIG originates multifamily loans from $500K to $100M+ for apartment buildings (5+ units), mixed-use properties and rental portfolios, placed through its Capital Network: Fannie Mae, Freddie Mac, FHA/HUD, CMBS, bridge and conventional. Up to 87% LTV. Non-recourse options. Nationwide. One loan officer from first call to closing.
Apartment financing built
for investors, not institutions.
Watch how UFIG evaluates and finances multi-family properties — from 5-unit apartment buildings to 500+ unit complexes. Whether you’re acquiring, refinancing, or repositioning, UFIG matches the right multifamily loan program to your deal.
Talk to a Multi-Family Specialist
Why borrowers and brokers choose UFIG
for multifamily financing
Every Capital Channel
Fannie Mae, Freddie Mac, FHA/HUD, CMBS, banks, credit unions, life companies, and private capital — UFIG accesses every multifamily lending platform through one application.
Up to 87% LTV
Higher leverage means less cash out of pocket. UFIG multi-family loans offer up to 87% loan-to-value on qualified apartment properties — among the highest in commercial lending.
Every Borrower Profile
Top-tier sponsors, first-time investors, credit-challenged borrowers, and foreign nationals — UFIG structures multifamily loans across the full spectrum of borrower profiles.
One Loan Officer, Start to Close
Your dedicated loan officer manages the entire multi-family loan process — from initial review through underwriting, approval, and closing. No hand-offs, no repeat explanations.
Multi-Family Loan Programs —
Terms & Details
UFIG originates multifamily loans with structures tailored to the property, the borrower, and the business plan. Every multi-family financing scenario is evaluated on its own merits.
Multi-family loan access through
every major capital channel
UFIG doesn’t limit your multi-family loan to a single lender or platform. We evaluate your apartment financing scenario across every available capital source and match the deal to the program that delivers the best terms.
Multifamily financing for
every residential investment class
UFIG originates multi-family loans for the full spectrum of residential investment properties — from small apartment buildings to large institutional portfolios.
From stabilized to transitional —
a multifamily loan program for every borrower profile
UFIG serves multi-family borrowers across three tiers. Your credit, property condition, and occupancy level determine which multifamily financing programs are available — and UFIG helps you qualify for the best one.
| Criteria | Top Tier | Middle Market | Transitional |
|---|---|---|---|
| Max LTV | Up to 87% | 65–80% | 60–70% |
| Min DSCR | 1.25x+ | 1.15x–1.25x | 1.05x–1.20x (IO or reserve) |
| Credit Score | 700+ | 640–700 | Below 640 or none |
| Property | Stabilized, 90%+ occupied | 80–90%, minor issues | Distressed, <85% occupancy |
| Loan Terms | 5–30 years fixed or ARM | 3–10 years fixed or hybrid | 6–36 months bridge, IO |
| Non-Recourse? | Yes, on stabilized | Case-by-case | Rare, mostly recourse |
| Best Programs | Fannie, Freddie, LifeCo, Bank | Bank, Credit Union, CMBS | Bridge, Hard Money |
Government-insured multifamily financing —
the longest terms and lowest rates in the market.
The FHA / HUD 223(f) program provides fixed-rate, fully amortizing, non-recourse financing for the acquisition or refinance of stabilized multifamily properties with five or more units. FHA mortgage insurance gives lenders the confidence to offer terms that conventional programs cannot match — and UFIG places 223(f) loans through its Capital Network of FHA-approved lending partners.
What HUD 223(f) Covers
Acquisition or refinance of existing apartment buildings, mixed-use properties (up to 25% commercial space), affordable housing, Section 8, Section 202 senior housing, and cooperative housing. Market-rate, low-to-moderate income, and subsidized properties all qualify. The property must have five or more residential units and be at least three years old with no substantial rehabilitation required.
Why 223(f) Over Fannie or Freddie
HUD 223(f) typically offers the lowest fixed rate in the multifamily market — often 25 to 100+ basis points below Fannie Mae or Freddie Mac. The 35-year fully amortizing term eliminates balloon risk entirely. Non-recourse from day one with no personal guarantee. The tradeoff is timeline: 223(f) loans typically take 90 to 120 days to close, compared to 45 to 60 days for agency. For borrowers who prioritize long-term rate and payment certainty, it is the strongest execution in commercial lending.
LTV by Property Classification
Market Rate: Up to 83.3% LTV (refinance) · Up to 85% LTV (purchase)
Affordable (LIHTC): Up to 87% LTV
Subsidized (Section 8 / 202): Up to 90% LTV
Leverage is calculated on the lesser of appraised value, replacement cost, or debt service capacity. Higher LTVs are achievable on affordable and subsidized properties because of the government rent guarantees that reduce default risk.
Eligible Borrowers
For-profit and non-profit entities. Single-asset, bankruptcy-remote ownership structures required (standard for institutional multifamily). Individual borrowers, LLCs, limited partnerships, and housing authorities are all eligible. Borrower must demonstrate capacity to operate the property per HUD standards. No personal guarantee — the FHA insurance replaces the recourse that conventional lenders require.
HUD 223(f) loans are insured by the Federal Housing Administration and originated through FHA-approved lenders. UFIG places 223(f) loans through its Capital Network of institutional lending partners. Rates, terms, and availability are subject to FHA underwriting guidelines and HUD approval. Longer origination timelines (90–120 days) should be anticipated. MIP (mortgage insurance premium) of 0.25%–0.65% annually applies.
Multi-family financing that works
the way investors actually need it to.
Banks approve templates. UFIG underwrites deals. Every multi-family loan we originate is structured around the property, the borrower’s goals, and the exit strategy — not a checkbox form.
- Multi-family loans pre-underwritten before any lender sees your file
- Borrowers with credit challenges, limited experience, or non-standard structures qualify
- One loan officer manages the entire multifamily financing process
- Occupancy below 85% is not an automatic decline — UFIG evaluates the business plan
- Bridge-to-permanent programs let you stabilize first, then lock in long-term rates
- Foreign nationals, LLCs, trusts, and partnerships are eligible
How Much Can You Borrow on an Apartment Building, and From Whom
Multifamily is the deepest lending market in commercial real estate, which is exactly why borrowers get lost in it. Six capital sources, each with its own leverage, coverage test, term and timeline, and the right one depends on the property’s income, the loan size and how long you plan to hold. This guide shows how lenders size an apartment loan, which program fits which deal, and where mixed-use and portfolio loans, UFIG’s most active multifamily segment, belong.
How lenders size a multifamily loan
Every apartment lender runs two tests and gives you the smaller answer. The value test caps the loan at a percentage of appraised value (loan-to-value). The income test caps it at the loan the property’s net operating income can carry with a cushion (debt service coverage ratio, or DSCR: NOI divided by annual debt service). On a stabilized property at today’s rates the income test usually binds, which is why two buildings worth the same can qualify for very different loans. Move the sliders to see how each program sizes the same property.
Program assumptions: Fannie Mae / Freddie Mac 80% LTV, 1.25x DSCR, 30-year amortization; HUD 223(f) 85% LTV, 1.176x DSCR, 35-year; bank 75% LTV, 1.25x, 25-year; CMBS 75% LTV, 1.30x, 30-year; bridge 70% of value. Rates are the low end of today’s indicative ranges from UFIG’s rate feed. A lender’s actual sizing also tests debt yield, replacement reserves and the sponsor.
Which multifamily program fits your deal
| Program | Loan size | Best for | Watch for |
|---|---|---|---|
| Fannie Mae / Freddie Mac small balance | $1M to $7.5M (Freddie SBL) / $9M (Fannie Small) | Stabilized 5+ unit buildings, 90% occupied, owners who want non-recourse and 30-year amortization | Yield-maintenance prepayment; 90-day occupancy history; net worth equal to the loan |
| Fannie Mae / Freddie Mac conventional | $7.5M and up | Larger stabilized assets, affordable and workforce housing, 5- to 30-year terms, interest-only available | Lender-required reserves; market tiers affect leverage |
| FHA / HUD 223(f) | $2M and up | Long-term holders: 35-year fixed, fully amortizing, non-recourse, highest leverage | 90 to 120 days to close; MIP; HUD operating rules |
| Bank and credit union | $500K and up | Smaller buildings, mixed-use, portfolios, borrowers with a banking relationship, faster closings | Recourse; 5- to 10-year balloons; 25-year amortization |
| CMBS | $2M and up | Cash-out refinances, secondary markets, higher leverage on non-recourse terms | Defeasance; servicing; limited flexibility after closing |
| Bridge | $1M and up | Value-add, lease-up, below-85% occupancy, maturities ahead of an agency refinance | Higher rate; 12 to 36 months; exit must be underwritten at closing. See commercial bridge loans |
UFIG places all six. The same file goes to the program that fits, and when a property is a year away from agency terms, the bridge is sized to the agency takeout so there is one plan, not two.
Mixed-use and portfolio loans
Mixed-use buildings
Apartments over retail or office are financed as multifamily when the residential income is the majority: Fannie Mae and Freddie Mac cap commercial space at roughly 35% of the building and commercial income at about 20% (HUD 223(f): 25% of space). Above those lines the building is underwritten as commercial property with bank, CMBS or life-company capital. UFIG runs both tests before choosing the lender, because the wrong classification costs leverage.
Portfolio loans
Several buildings under one loan, cross-collateralized, with one payment and one closing. Portfolio loans suit investors consolidating five or more small properties into a single institutional loan, with release provisions so individual buildings can be sold. Minimum $500,000 in total; most portfolio lenders want each property to be a 5+ unit building or a commercial asset.
Interest-only periods
Agency loans offer one to five years of interest-only (full-term IO on lower leverage), which lifts cash flow in the early years of a hold. Bridge loans are interest-only by nature. Banks rarely offer it; HUD never does. Ask for it when leverage is at or below 65%.
Cash-out refinance
Agency, CMBS and bank programs allow cash-out on seasoned properties, typically to 75% LTV with a 1.25x coverage test on the new loan. Lenders look at how long you have owned the asset and what the proceeds are for.
The 5-unit line, and what UFIG does not finance
Commercial multifamily starts at five residential units on one parcel. Buildings of one to four units, including duplexes, triplexes and fourplexes, are residential mortgages under federal lending rules and UFIG does not finance them, on their own or as fix-and-flip projects. Single-family rental portfolios are the exception: a portfolio of five or more rental houses or townhomes under one entity, with a loan of $500,000 or more, is a commercial portfolio loan and is placed through the bank and private-capital lenders in UFIG’s Capital Network. Senior housing, student housing, manufactured-housing communities and assisted living are multifamily to a lender when they are five or more units and the income is rental; licensed care facilities are underwritten as healthcare property.
Multifamily loan rates today
Indicative multifamily pricing
| Program | Low | High | Typical term / amortization |
|---|---|---|---|
| Fannie Mae / Freddie Mac | 6.22% | 7.47% | 5 to 30 years / 30 years |
| FHA / HUD 223(f) | 6.07% | 7.72% | 35 years fixed, fully amortizing (plus MIP) |
| Life insurance companies | 5.97% | 7.72% | 5 to 25 years / 25 to 30 years |
| Conventional bank | 6.72% | 8.22% | 5 to 10 years / 25 years |
| CMBS | 7.07% | 8.22% | 5 to 10 years / 30 years |
| Bridge and private capital | 8.24% | 14.00% | 12 to 36 months, interest only |
Indicative, for qualified borrowers on stabilized property; subject to lender underwriting. Full detail on today’s commercial mortgage rates.
What to send us for a 24-hour read
- Current rent roll with unit mix, lease dates and any concessions
- Trailing 12-month operating statement and the last two year-end statements
- Purchase agreement, or the existing loan’s payoff and maturity date
- Capital improvements completed and planned, with budget
- Sponsor résumé, schedule of real estate owned and personal financial statement
- Photos and the property’s age, unit count and any commercial space
One UFIG loan officer reads the file, runs it through every program above, and tells you within one business day which lenders in the Capital Network want it and at what terms. UFIG is a loan correspondent: we originate, underwrite and package the loan, and the placing lender provides it.
Our Simple 4-Step Process
Submit Your Deal
Complete the short form or call (888) 556-4029. A multi-family loan specialist reviews your scenario within hours.
Receive Your Proposal
Dedicated loan officer delivers a personalized multifamily loan quote with program options — typically within 24 hours.
Underwriting & Approval
Full file review, property evaluation, and lender matching. Clear communication and updates throughout.
Close
Close in as little as 30 days for conventional multi-family loans, or 10 days for bridge financing.
Multi-Family Loan FAQ
UFIG originates multifamily loans for apartment complexes of five or more units, senior housing, student housing, mixed-use residential buildings, townhome communities, manufactured housing communities, assisted living facilities, and rental portfolios of five or more properties. Whether stabilized or value-add, we provide multifamily financing solutions tailored to each property type nationwide.
UFIG’s minimum multi-family loan amount is $500,000. We finance multifamily properties up to $100 million and beyond for larger institutional transactions. Whether you’re acquiring a small apartment building or refinancing a large portfolio, UFIG has a multi-family loan program that fits.
In commercial real estate lending, a multi-family property typically consists of five or more residential units under one title. Properties with fewer than five units are generally classified as residential and financed through conventional mortgage programs. UFIG’s multifamily loan programs are designed for commercial-scale apartment properties and residential investment portfolios.
Yes. UFIG offers non-recourse multi-family loan options through Fannie Mae, Freddie Mac, CMBS, and life insurance company programs. Non-recourse apartment financing is available for stabilized properties with strong cash flow and qualified borrowers. This protects your personal assets while maintaining access to institutional-quality multifamily loan terms.
Yes. UFIG places FHA / HUD 223(f) multifamily loans through its Capital Network of FHA-approved institutional lending partners. The 223(f) program provides fixed-rate, fully amortizing, non-recourse financing for the acquisition or refinance of stabilized apartment properties with five or more units. Terms extend up to 35 years with LTV up to 85% on market-rate purchases and up to 90% on subsidized properties.
HUD 223(f) typically offers the lowest fixed rate in the multifamily market — often well below Fannie Mae, Freddie Mac, or CMBS. The tradeoff is timeline: origination typically takes 90 to 120 days due to the HUD review and FHA insurance process. For borrowers who prioritize long-term rate stability and non-recourse structure over speed, 223(f) is the strongest execution available. UFIG evaluates every multifamily file for 223(f) eligibility as part of our standard underwriting review.
UFIG can close conventional multi-family loans in 30 to 45 days for stabilized properties. Bridge loans for multi-family value-add projects can close in as little as 10 business days. Our dedicated loan officer and streamlined underwriting process ensure fast turnaround when timing matters for your apartment financing deal.
Yes. While conventional multifamily loan programs prefer 90%+ occupancy, UFIG has bridge and transitional lending options for properties below 85% occupancy. We evaluate the borrower’s business plan, renovation timeline, and exit strategy to structure multi-family financing that works for properties in the stabilization phase.
Yes. UFIG originates multi-family loans for foreign nationals, LLCs, trusts, partnerships, and other business entities. Loan terms vary depending on borrower experience, property cash flow, ownership structure, and the multifamily lending program selected. Foreign national apartment financing is available through select UFIG capital sources.
Required documents for a multifamily loan typically include a current rent roll, year-to-date operating statement, trailing 12-month financials, personal financial statement, business entity documents, and a property condition summary. These documents allow UFIG to quickly evaluate your multi-family financing scenario and match you with the best apartment loan program.
Yes. UFIG specializes in bridge loans for multi-family value-add projects and renovation financing. Whether you’re repositioning an apartment complex, upgrading units to increase rents, or stabilizing a newly acquired property, UFIG can structure multifamily financing that covers both acquisition and renovation costs with a clear path to permanent financing.
The lesser of two tests. The value test caps the loan at a percentage of appraised value: 80% for Fannie Mae and Freddie Mac, 85% for HUD 223(f), about 75% for banks and CMBS. The income test caps it at the loan the net operating income can carry at a 1.20x to 1.25x coverage ratio. At today’s rates the income test usually sets the number on a stabilized property. The sizing tool on this page shows both tests for every program.
Yes. Apartments over retail or office are placed as multifamily when the residential income is the majority and the commercial space is within the program’s limits, which lets the building qualify for agency leverage and 30-year amortization. Above those limits it is financed as commercial property through bank, CMBS or life-company lenders in the Capital Network. UFIG runs both classifications before choosing the lender.
One loan secured by several properties, with one payment, one closing and release provisions so a building can be sold without refinancing the rest. UFIG places portfolio loans for investors consolidating five or more small apartment buildings or rental houses, from $500,000 in total. Each property is underwritten on its own rent roll and the portfolio on combined cash flow.
No. Properties of one to four units are residential mortgages and are outside UFIG’s programs, including fix-and-flip loans. UFIG’s multifamily financing starts at five units on one parcel. A portfolio of five or more rental houses under one entity with a combined loan of $500,000 or more is a commercial portfolio loan and does qualify.
Yes, within limits. Fannie Mae and Freddie Mac offer one to five years of interest-only on stabilized property, and full-term interest-only when leverage is 65% or lower. Bridge loans are interest-only for their 12- to 36-month term. Banks rarely offer it and HUD 223(f) does not. Interest-only raises cash flow in the early years of a hold at the cost of slower principal paydown.
A Fannie Mae or Freddie Mac small-balance loan ($1 million to about $7.5 million) is non-recourse, amortizes over 30 years, offers terms of 5 to 30 years and prices from the agency rate sheet, but it requires a stabilized property, 90-day occupancy history and yield-maintenance prepayment. A bank loan closes faster, accepts mixed-use and lighter occupancy, and allows flexible prepayment, but it is recourse, amortizes over 25 years and balloons in 5 to 10 years. UFIG places both and prices the same file against each.
Your multi-family deal deserves more than a rate quote —
it deserves a strategy.
Call during business hours to speak directly with an experienced multi-family loan specialist, or submit your deal for review. UFIG evaluates every multifamily file with institutional discipline and closes with speed.
Tell Us About
Your Property.
- Response within 24 hours — often same day
- Multi-family loans from $500K to $100M+
- Up to 87% LTV — non-recourse available
- One loan officer from first call through closing
- Fannie Mae, Freddie Mac, FHA/HUD, CMBS, bridge, and conventional — view today’s rates