Texas Multifamily Loan Rates
| TX Multifamily Loan Rates More Than $6 Million | Free Loan Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Multifamily Loan 5 Yr Fixed | 5.30% | Up to 80% | |
| Multifamily Loan 7 Yr Fixed | 5.34% | Up to 80% | |
| Multifamily Loan 10 Yr Fixed | 5.40% | Up to 80% | |
*Rates start as low as shown and are based on underwriting criteria, borrower experience, and property strength.
Ready to get started? Click here to request a customized loan quote for your Texas multifamily property.
Need a loan under $6 million? Visit our Texas apartment loan page. For other commercial property types, explore our Texas commercial mortgage options. To compare all rates nationwide, see commercial mortgage rates.
Why Choose Select Commercial for Multifamily Loans
What sets Select Commercial apart from traditional lenders and large banks? In this short video, we highlight the key reasons multifamily building investors choose to work with us for Texas multifamily loans over $6 million. We also actively finance apartment building loans below $6 million.
Here’s what the video touches on:
- No upfront application or processing fees
- Fast written pre-approvals often within 24 hours
- Access to a wide range of multifamily lenders, not just one bank
- Loan structures tailored to your property and investment goals
2026 Texas Multifamily Loan Market Overview
Entering 2026, Texas remains one of the most active multifamily markets in the country. For borrowers evaluating Texas multifamily loans, the state combines strong population growth, lower living costs than many coastal markets, and broad-based renter demand across multiple major metros. Even after several years of elevated construction, demand for new multifamily housing remains clear across Texas, where last year's net absorption totals kept pace with or exceeded deliveries in several major markets.
That backdrop continues to support multifamily financing across a range of strategies, though local fundamentals are beginning to diverge more than they did during the earlier post-pandemic period. Dallas-Fort Worth, Houston, and San Antonio all entered the year with different supply profiles, vacancy levels, and rent trajectories. For Texas multifamily lenders, this creates a statewide environment where growth still matters, but underwriting discipline, submarket selection, and timing have become more important than simply chasing large-scale expansion.
Dallas-Fort Worth Anchors Texas Multifamily Loans
Dallas-Fort Worth continues to set the tone for much of the state's multifamily activity. In 2026, the metro is projected to add approximately 25,000 jobs, deliver roughly 21,000 units, post vacancy near 5.9%, and finish the year with average effective rent around $1,540 per month. For borrowers seeking a multifamily loan, Dallas-Fort Worth remains one of the most liquid large-scale multifamily markets in the country, with tightening vacancy helping offset an elevated delivery pipeline.
That scale matters because Dallas-Fort Worth can support a wider range of loan structures than many other metros, from large institutional refinance transactions to acquisitions in suburban growth corridors and value-add repositioning opportunities in established neighborhoods. Its economic diversity also makes it one of the most important reference points for Texas multifamily underwriting.
Houston Adds Scale and In-Migration Appeal
Houston gives Texas another major market with renter demand supported by affordability and job growth. The 2026 outlook calls for about 8,000 jobs added, approximately 9,000 units delivered, vacancy near 6.3%, and average effective rent around $1,410 per month. That combination supports multifamily commercial real estate loans in a market where lower housing costs continue to attract in-migration even as local supply patterns shift between urban and suburban submarkets.
Houston also stands out because it gives lenders and investors a lower-cost major metro entry point than Dallas-Fort Worth, while still offering a very large renter base and deep property inventory. In practical terms, that makes Houston highly relevant for borrowers focused on stabilized multifamily assets, cash-flow-driven acquisitions, and submarkets where future supply looks more limited than it did over the last few years.
San Antonio Reinforces Texas Multifamily Demand
San Antonio adds a different layer to the Texas multifamily story. In 2026, the metro is projected to add about 15,000 jobs, deliver roughly 3,500 units, hold vacancy near 6.8%, and reach average effective rent of approximately $1,200 per month. For Texas multifamily lenders, that reflects a market where a shrinking delivery pipeline and strong population growth are helping restore rent growth after several years of supply pressure.
That makes San Antonio particularly interesting for long-term hold strategies. Compared with other Texas metros, it offers a more affordable rent base, lower pricing, and a setup where improving supply-demand conditions may support stronger operating performance over the next cycle.
Rent Levels Vary Across Texas Markets
Texas continues to offer a wide rent range across its major metros. Dallas-Fort Worth is projected near $1,540 per month, Houston near $1,410 per month, and San Antonio near $1,200 per month. That range gives borrowers multiple paths for structuring Texas multifamily loans, whether the focus is major-metro scale, value pricing, or a market where rent growth is returning as supply recedes.
This variation also makes Texas especially useful from a lending standpoint. Borrowers can target different risk and return profiles within the same state, from large institutional-grade assets in Dallas-Fort Worth to more yield-oriented or improving supply-demand opportunities in Houston and San Antonio.
2026 Texas Multifamily Loan Market Forecast
- Employment: Dallas-Fort Worth is projected to add approximately 25,000 jobs, Houston about 8,000 jobs, and San Antonio about 15,000 jobs.
- Construction: Dallas-Fort Worth is projected to deliver roughly 21,000 units, Houston about 9,000 units, and San Antonio about 3,500 units.
- Vacancy: Dallas-Fort Worth vacancy is projected near 5.9%, Houston near 6.3%, and San Antonio near 6.8%.
- Rent: Average effective rent is projected near $1,540 in Dallas-Fort Worth, $1,410 in Houston, and $1,200 in San Antonio.
For investors comparing Texas multifamily loans in 2026, the state looks less like a single unified story and more like a group of major metros with different strengths. Dallas-Fort Worth provides scale and tightening fundamentals, Houston adds lower-cost appeal with durable renter demand, and San Antonio brings one of the state's more improving supply-demand setups. Together, they give lenders and borrowers multiple reference points for multifamily investment across Texas.
2026 Dallas Fort Worth Texas Multifamily Loan Market Overview
Dallas-Fort Worth is one of the primary drivers of Texas multifamily loans and remains one of the largest multifamily markets in the country. Current 2026 forecast data points to about 25,000 jobs added, roughly 21,000 units delivered, vacancy near 5.9%, and average effective rent around $1,540 per month.
Dallas Fort Worth Texas Multifamily Loan Rates and Financing in 2026
Financing conditions for Dallas Fort Worth multifamily loans remain active in 2026, especially for stabilized multifamily properties and well-located long-term hold opportunities. For many borrowers, a multifamily loan here depends on balancing strong population gains with submarket supply exposure, particularly where newly delivered assets still face longer stabilization timelines.
Trends in the Dallas Fort Worth Texas Multifamily Loan Market
Dallas-Fort Worth continues to benefit from in-migration and corporate relocation trends that rank among the strongest nationally. Many submarkets that absorbed heavy supply in recent years are now moving into a more favorable setup as deliveries begin to ease. That keeps the metro highly relevant for Texas multifamily lenders evaluating large-market opportunities.
Dallas Fort Worth Texas Multifamily Loan Rent Levels in 2026
Average effective rent in Dallas-Fort Worth is projected near $1,540 per month in 2026. That still supports underwriting across a broad range of multifamily properties where vacancy is tightening and rent growth is expected to stabilize.
Dallas Fort Worth Texas Multifamily Loan Supply and Demand
Supply and demand remain relatively balanced in Dallas-Fort Worth even with elevated deliveries. New supply is projected near 21,000 units, while vacancy is expected to tighten to around 5.9%. For borrowers seeking multifamily financing, that supports a more constructive large-market setup than the delivery pipeline alone might suggest.
Opportunities for Multifamily Investment in Dallas Fort Worth Texas
Investors pursuing Texas multifamily loans in Dallas-Fort Worth are often targeting submarkets with improving vacancy trends, mid-tier assets that look better positioned after several years of more modest rent growth, and airport-adjacent or suburban areas where leasing gains have remained strong.
2026 Houston Texas Multifamily Loan Market Overview
Houston remains one of the larger multifamily markets in Texas for multifamily loans. Current 2026 forecast data points to about 8,000 jobs added, roughly 9,000 units delivered, vacancy near 6.3%, and average effective rent around $1,410 per month.
Houston Texas Multifamily Loan Rates and Financing in 2026
For borrowers pursuing a multifamily loan, Houston continues to offer a lower-cost primary market where strong in-migration and a large renter base help offset relatively higher vacancy. Financing remains most compelling where the supply outlook is more limited or where newer stabilized properties can provide more reliable cash flow.
Trends in the Houston Texas Multifamily Loan Market
Houston is moving through a period where fundamentals are beginning to split by location. Outer-ring hubs and select urban-core areas continued to post rent growth late last year, while the metro's construction pipeline is set to contract sharply. That combination keeps Houston relevant for Texas multifamily lenders evaluating value-oriented opportunities.
Houston Texas Multifamily Loan Rent Levels in 2026
Average effective rent in Houston is projected near $1,410 per month in 2026. That still positions Houston as one of the lower-cost primary Texas markets, which can support renter retention and future rent gains where supply pressure is easing.
Houston Texas Multifamily Loan Supply and Demand
Supply and demand remain manageable in Houston despite projected vacancy near 6.3%. Deliveries are expected around 9,000 units, but the pipeline is becoming more moderate than in prior years. For many borrowers, that combination supports cleaner multifamily financing assumptions in select submarkets than the metro-wide vacancy rate alone would imply.
Opportunities for Multifamily Investment in Houston Texas
Investors using Texas multifamily loans in Houston are often looking for stabilized newer properties, submarkets with vacancy below the metro average, and neighborhoods where limited future supply could help reinforce operating performance.
2026 San Antonio Texas Multifamily Loan Market Overview
San Antonio remains a meaningful multifamily market in Texas for multifamily loans. Current 2026 forecast data points to about 15,000 jobs added, roughly 3,500 units delivered, vacancy near 6.8%, and average effective rent around $1,200 per month.
San Antonio Texas Multifamily Loan Rates and Financing in 2026
For a borrower seeking a multifamily loan, San Antonio stands out because its delivery pipeline is continuing to contract after the heavier construction period of the past cycle. That creates a more favorable setup for financing where strong employment and population growth are helping support renter demand even after a multi-year stretch of elevated vacancy.
Trends in the San Antonio Texas Multifamily Loan Market
San Antonio continues to attract young adults and early-career renters, supported by healthcare, government, and defense-related employment. The metro is moving toward a more balanced operating environment as supply pressure fades. That combination keeps San Antonio relevant for Texas multifamily lenders looking at improving large-market opportunities.
San Antonio Texas Multifamily Loan Rent Levels in 2026
Average effective rent in San Antonio is projected near $1,200 per month in 2026. That provides a more affordable basis than most other major Texas metros while still supporting improving fundamentals as supply slows.
San Antonio Texas Multifamily Loan Supply and Demand
Supply and demand are expected to improve further in San Antonio. Deliveries are projected near 3,500 units, while vacancy is expected around 6.8%. For borrowers structuring multifamily financing, that reflects a metro moving toward a more balanced footing as new supply becomes more manageable.
Opportunities for Multifamily Investment in San Antonio Texas
Investors pursuing Texas multifamily loans in San Antonio are often focused on areas tied to downtown revitalization, young professional demand, and long-term demographic growth. Reduced supply pressure and strong job creation make the metro increasingly relevant for long-hold strategies.
What Lenders Look for in a Texas Multifamily Loan
What Lenders Look For
Before you apply for a Texas Multifamily loan, it helps to understand what lenders are actually evaluating. In this short video, Select Commercial President Stephen Sobin outlines the key borrower and property qualifications that influence approval.
Watch to learn:
- What makes a loan request stand out or get rejected
- The importance of cash flow, occupancy, and borrower experience
- Which documents lenders require to issue a pre-approval
Understanding Your Multifamily Loan Options
Multifamily Loan Lending Options
Not all multifamily loans are created equal. In this short video, Stephen Sobin explains the most common types of multifamily loan programs and when each one makes the most sense for Texas borrowers.
- Bank vs. agency vs. private multifamily lenders
- Short-term vs. long-term fixed-rate options
- How to structure your loan based on your property and investment goals
Our Texas Multifamily Loan Process
We make applying for a Texas multifamily loan fast, transparent, and cost-effective. Our process is designed for borrowers seeking large balance multifamily financing backed by experienced multifamily lenders. Below is a step-by-step overview of what to expect when working with Select Commercial:
Step 1: Initial Screening
During an introductory call or email, we gather the basics of your transaction. If the request doesn’t meet multifamily loan guidelines, we’ll let you know right away.
Step 2: Document Request
If eligible, we’ll send a short checklist to review your financials, credit, and property cash flow. This helps us evaluate your multifamily commercial real estate loan scenario.
Step 3: Underwriter Review
Once documents are received, underwriting begins. If your multifamily loan qualifies, we issue a written pre-approval. If not, we’ll explain why.
Step 4: Pre-Approval Letter
If approved, we send a detailed pre-approval letter outlining preliminary terms and any additional documentation needed.
Step 5: Third-Party Reports
Once pre-approved, the underwriter orders the appraisal and other required third-party reports. A good faith deposit is collected to cover these costs.
Step 6: Final Submission
Once all documentation and reports are in, underwriting is finalized and a formal multifamily loan commitment is issued.
Step 7: Legal & Closing
Our legal team prepares the closing checklist and any final conditions. Once satisfied, we move forward with closing.
Step 8: Timeline
Most multifamily loans close within 30 to 60 days, depending on deal complexity and how quickly documents are submitted.
Multifamily Property Types We Finance in Texas
At Select Commercial, we provide multifamily financing for a broad range of Texas multifamily properties, from stabilized 5+ unit buildings to large-scale portfolios. Whether your asset is urban, suburban, or mixed-use, we tailor each multifamily commercial real estate loan to match your investment strategy and property type.
- Urban mid-rise and high-rise multifamily buildings
- Suburban garden-style multifamily complexes
- Small multifamily buildings with 5+ units
- Mixed-use properties with residential and limited commercial space
- Underlying co-op building loans
- Portfolios of small multifamily or single-family rental properties
- Stabilized properties with solid cash flow and rent history
If you're unsure whether your property qualifies for a multifamily loan, contact us for a free quote and we'll review your deal within 24 hours.
Recent Multifamily Loan Closings
Our Reviews
Latest Expert Insights from Stephen A. Sobin
Stephen A. Sobin, the president of Select Commercial Funding LLC, is a renowned expert in the field of multifamily financing. His insights and perspectives are regularly sought by leading industry publications. Here are his latest contributions that highlight his deep understanding of the multifamily financing landscape and his commitment to providing clear, insightful analysis on key industry issues.
Navigating Opportunity, Risk as 2025 Winds Down
In an article for Commercial Property Executive titled "Navigating Opportunity, Risk as 2025 Winds Down", Sobin explains as we head into the final stretch of 2025, the commercial real estate industry stands at a pivotal moment. After several years of upheaval—from pandemic disruptions to aggressive Federal Reserve rate hikes and lasting shifts in how people live and work—the sector is entering a new phase.
Why Lower Rates Haven't Fixed Commercial Real Estate
In an article for Wealth Management titled "Why Lower Rates Haven't Fixed Commercial Real Estate", Sobin explains that even as the Federal Reserve has begun cutting rates and borrowing costs should be falling, the commercial real estate sector remains locked in a frustrating stalemate. For high-net-worth investors trying to time the market, he emphasizes that understanding this disconnect requires looking beyond the headlines.
Why the Fed Rate Cut’s a Game Changer for CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that after months of speculation and market anticipation, the Federal Reserve finally pulled the trigger last week, cutting the federal funds rate by 25 basis points to 4.00 to 4.25 percent. read the full article.
Inflation's Current Impact on Apartment
In an article featured in Multi-Housing News, Sobin explains how commercial mortgage rates continue to challenge investors, with elevated inflation depressing real estate market activity. Read the full article.
Will the July Jobs Report Pressure the Fed to Act?
Sobin noted in Multi-Housing News that unemployment hit a three-year high and job creation slowed significantly, factors that could push the Fed to reconsider future rate hikes. Read the full article.
Persistent Inflation and Its Effects on CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that while inflation is still a challenge for the Federal Reserve, there are many positive signs for the commercial real estate industry. The headline Consumer Price Index rose 3.2 percent for the year ended Feb. 29, a figure 20 basis points lower than the Dec. 31, 2023, rate. read the full article.
Commercial Spotlight: Mid-Atlantic Region In this four-state powerhouse, smaller metros are thriving.
In a feature in Scotsman Guide, the Mid-Atlantic Region's real estate dynamics are explored, highlighting its resilience and growth amidst the pandemic.
Stephen Sobin of Select Commercial Funding LLC shared insights on the New York market's allure and the challenges buyers face. He noted the shift from primary urban areas to tertiary markets due to evolving preferences and financial conditions. For a deeper dive into Sobin's analysis, read the full article.
What the New Jobs Report Means for CRE
In an article titled "What the New Jobs Report Means for CRE" in Commercial Property Executive, Stephen Sobin shared his perspective on the latest jobs report and its implications for the Commercial Real Estate (CRE) sector. He highlighted the challenges posed by high interest rates and the prevailing uncertainty in the market. Sobin remarked, "Sellers aren’t selling, buyers aren’t buying... Everyone is waiting because no one knows what to expect." For a detailed analysis and more of Sobin's insights, read the full article.
Decoding "Junk Fees" in Rental Housing
In another latest contribution to Multi-Housing News, Sobin provided expert commentary in an article titled "What's Next for Junk Fees? The Industry Weighs In". He clarified the difference between legitimate fees collected for various third-party services and so-called "junk fees". Sobin emphasized the importance of borrowers understanding their rights in negotiating all loan terms and the obligation of lenders to disclose all fees.
Understanding the Impact of Federal Reserve's Decisions
In a recent article titled "How the Fed's Pause on Interest Rates Impacts Multifamily" published by Multi-Housing News, Sobin shared his expert insights on the Federal Reserve's decision to pause interest rate hikes. He accurately predicted that the Fed would not raise rates in June, citing recent bank failures and lingering concerns about a potential recession.
Stay tuned for more expert insights from Stephen A. Sobin on the evolving multifamily financing landscape.
Frequently Asked Questions About Texas Multifamily Loans
Multifamily loan rates in Texas depend on several factors including loan size, property condition, borrower strength, and leverage. As of 2025, interest rates remain elevated due to persistent inflation, but high-quality borrowers with strong assets can still secure competitive terms. For other property types, view our latest commercial mortgage rates for updates.
Lenders generally require a DSCR of 1.25 or better, strong borrower credit, relevant experience, and post-closing liquidity. For large balance multifamily commercial real estate loans, loan-to-value ratios typically range from 65% to 80%, depending on cash flow.
Large balance multifamily financing requires tailored solutions. Select Commercial works with a wide range of capital sources, including banks, life companies, CMBS, agency, and private lenders, giving you access to more options, better terms, and higher certainty of execution.
The process begins with a review of property-level financials, including a current rent roll, trailing 12-month operating statement, borrower net worth, liquidity, and experience. Our team quickly assesses eligibility and provides a pre-approval when qualified. Start with a Free Quote today.
Select Commercial also specializes in loans under $6 million. If you're refinancing a smaller apartment loan, we can help structure multifamily financing with competitive rates and flexible terms. Visit our Texas apartment loan page for details.
Agency Large‑Balance Multifamily Loan Programs (Over $6 Million)
Select Commercial connects borrowers with premier agency-backed large-balance multifamily loan programs, perfect for financing institutional-scale properties across Texas and beyond.
- Fannie Mae® Multifamily (DUS® platform) – Large‑balance non‑recourse multifamily financing, including fixed, floating, hybrid‑ARM, and interest‑only options
- Freddie Mac® Multifamily – Comprehensive large‑balance multifamily financing (fixed and floating) with up to $250 M in loan capacity
These agency programs offer non‑recourse structures, competitive fixed or floating rates, strong leverage (typically up to ~80 % LTV), and streamlined execution, ideal for experienced investors pursuing well‑performing multifamily assets.
Looking for loans under $6 million? Visit our dedicated Texas apartment loan page for smaller-balance financing options.
Texas Multifamily Financing
Select Commercial provides multifamily loans and Texas commercial mortgages throughout the state of Texas including but not limited to the areas below.