Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Kansas
Kansas Apartment Loans
Select Commercial arranges Kansas apartment loans from $1,500,000, up to 80% LTV, with rates as low as 5.87%. We compare Fannie Mae, Freddie Mac, FHA, bank and bridge programs to fit your property. For larger balances, see multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Kansas
Kansas apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Kansas commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Kansas Apartment Loan Rates
Rates updated as of September 14, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.27% | Up to 80% |
| 7 Year Fixed | 6.33% | Up to 80% |
| 10 Year Fixed | 6.39% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.87% | Up to 80% |
| 7 Year Fixed | 5.94% | Up to 80% |
| 10 Year Fixed | 5.99% | Up to 80% |
- Streamlined underwriting for institutional multifamily
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
Rates last updated September 14, 2026. Rates and maximum LTV shown represent our best-case pricing scenarios. Actual rates, LTV, and loan terms are subject to underwriting approval and may vary.
Compare Kansas Apartment Loan Programs
As a broker we compare every program for your best-fit Kansas apartment financing:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.20% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.31% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.40% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.35% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most apartment lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x.
2026 Kansas Apartment Loan Market
Kansas is the lowest-basis apartment market we lend in, and that single fact shapes everything about how a loan here is structured. Wichita average rent was about $959 a month as of August 2026, up 2.79% over the year. Overland Park, on the Kansas side of the Kansas City metro, ran $1,585, up 2.25%. Both figures cover professionally managed buildings of fifty units and up.
What low rents mean for a loan. When gross income per unit is this modest, purchase prices per unit follow, and a Kansas apartment loan is almost never limited by loan to value. It is limited by debt service coverage, which puts every operating expense directly into the calculation. Insurance, utilities, payroll and property taxes each carry more proportional weight on a $959 rent than they would on a $2,500 rent, and a lender will scrutinize the expense line accordingly. The upside is that going-in yields here are well above coastal markets, and a well-run building generates real cash from day one rather than on a projection.
Rent growth has been steady rather than dramatic, in the 2% to 3% range across both major markets, which is what you would expect from a state that never had a construction boom to work off. There is no supply overhang in Kansas, no concession war, and no correction to time. That makes the underwriting conversation simpler than it is in Texas, Arizona or Colorado right now.
Across Kansas we arrange apartment building loans from $1,500,000 through agency, bank, FHA and bridge programs. Rate and leverage follow the rent roll and the trailing twelve months of operating income, not your personal income.
Kansas Markets We Finance
Kansas has two apartment markets of any size and they have almost nothing in common. One is an aviation manufacturing city in the south of the state. The other is the Kansas side of a metro whose center is in Missouri. A Kansas apartment mortgage is structured to whichever one you are in.
Wichita
The largest apartment market wholly inside Kansas, at an average rent near $959 as of August 2026 and up 2.79% over the year. Aviation manufacturing has anchored Wichita for a century and still does, which gives the market a demand base that is concentrated but genuinely durable, alongside healthcare and the university. Cost per unit here is among the lowest in the country, and financing is dominated by Kansas banks, credit unions and the agency small-balance programs rather than by institutional capital. Stock skews older, so the property condition report and a documented capital plan matter more than the rent trend does.
Wichita apartment loans · Wichita commercial
Johnson County and the Kansas City suburbs
Overland Park, Olathe, Lenexa and Shawnee are the most expensive part of the state, averaging about $1,585 in Overland Park and up 2.25% over the year, on newer garden and mid-rise product with cleaner expense ratios than anything in Wichita. Demand here follows the wider Kansas City metro economy across the state line, and the buildings are large enough and new enough that agency programs compete seriously. Note for anyone searching: our Kansas City pages cover the Missouri side of that metro, which is a different market with different taxes and different comparables.
Topeka and the university towns
Topeka runs on state government, healthcare and distribution, while Lawrence and Manhattan run on the two universities, which gives them occupancy patterns and turnover cycles unlike anywhere else in the state. Student-adjacent product is underwritten differently from conventional apartments, with more attention to the academic calendar, parental guaranties and summer vacancy. Basis per unit is low and going-in yields correspondingly high across all three.
Salina, Hutchinson and rural Kansas
Smaller communities across the state are financed through the same programs, though a lender will look at a longer operating history where the local economy rests on agriculture or on a single employer. Occupancy stability over several years matters more than any one strong trailing twelve.
Rent figures above are average asking rents across professionally managed buildings of fifty units and up as of August 2026. Where we do not yet have a dedicated apartment page for a Kansas city, the link goes to our commercial mortgage page for that market.
Kansas Rent Rules and How a Low-Rent File Underwrites
Kansas preempts rent control statewide, and the statute is unusually thorough. State law provides that no political subdivision, including counties, municipalities and townships, may enact, maintain or enforce any ordinance or resolution that would have the effect of controlling the amount of rent charged for private residential property. Three carve-outs exist: a political subdivision may control rent on property it owns; an owner may voluntarily agree to rent restrictions in exchange for a grant or incentive; and, importantly, a political subdivision may not require a rent control agreement as a condition of issuing a building permit, approving a plat, or granting zoning approval or a variance. That last provision closes the inclusionary-zoning route that some states leave open, and it means a lender projecting your income in Kansas is working without any statutory ceiling.
What actually decides a Kansas loan is the expense line. This is the practical consequence of low rents and it is worth being direct about. At a Wichita average near $959 a month, a building generates roughly a third of the gross income per unit that a Boston or Stamford building does, while many operating costs do not scale down proportionally. Insurance on a Kansas building is not a third of insurance on a Massachusetts building. Neither is a roof, a boiler or a property manager. Because debt service coverage is calculated after expenses, that compression means the expense ratio, rather than the rent roll, is usually what determines your loan amount.
Three things that move it in your favor. First, current insurance: Kansas sits in hail and wind country, and premiums have moved. If you have renewed at a better rate or completed roof work to current standards, document it, because it flows straight into net operating income. Second, utility structure: buildings where residents pay their own utilities, or where a ratio utility billing system is properly documented, underwrite better than master-metered buildings with the same rents. Third, a real capital plan: on older Kansas stock, a funded schedule for roofs, HVAC and parking lots is frequently worth more proceeds than a modest improvement in rate.
None of this makes Kansas harder to finance. It makes the file expense-driven rather than rent-driven, which is a different conversation from the one you would have in a coastal market, and one worth preparing for.
Refinancing a Kansas Apartment Building
Kansas refinances are usually among the more straightforward files we handle, because there is no supply correction to time and no regulatory question to resolve. What there is, is an expense line that deserves real attention before you send anything.
Start with the rent roll and the trailing twelve. Proceeds are sized on in-place income, and because basis is low, sizing is nearly always driven by debt service coverage rather than by loan to value. That means every dollar of expense is a dollar of loan. Go through the statements yourself first and be ready to explain anything unusual, because an underwriter will ask.
Then insurance, specifically. Hail and wind claims are a real feature of Kansas underwriting, and a building with a recent claims history or an aging roof will be priced accordingly. If you have completed a roof replacement to current standards, send the documentation with the binder. It affects both what a carrier will write and what a lender will lend.
Then the building. Much of the Kansas rental stock is older. Roofs, HVAC, parking and electrical service are priced into the property condition report rather than overlooked. Owners who arrive with three clean years of statements and a funded capital plan consistently out-borrow owners with an identical building and a thin file.
Then the note. Confirm the maturity date and whether prepayment is yield maintenance, a step-down or open, and start six to nine months ahead of a balloon so there is room to shop more than one lender rather than accept an extension. Cash-out is available on most programs where the equity supports it and coverage holds.
Send the rent roll and the trailing twelve and we will underwrite the building the way the lender will, then come back with written options inside 48 hours at no cost. Kansas apartment loans start at $1,500,000, whether it is a thirty-unit property in Wichita or a garden complex in Johnson County.
Kansas Multifamily Financing
Apartment loan and multifamily loan describe the same debt: financing on a building with five or more residential units. We arrange it across Kansas, from a small Wichita walk-up to a Johnson County garden portfolio, and the terminology changes nothing about how the file is underwritten.
Loan size decides who competes, and in Kansas the low basis means a great many buildings sit squarely in the range where regional banks, credit unions and the agency small-balance programs are sharpest. Reaching a balance that draws Fannie Mae, Freddie Mac, FHA, life companies or CMBS generally takes a portfolio or a larger Johnson County asset. Where it does, multifamily loan rates are often tighter because the loan is big enough to securitize, at the cost of a heavier package: full appraisal, property condition report, environmental review, and sizing driven by net operating income, debt service coverage and debt yield.
Kansas multifamily lenders concentrate on the expense ratio and on the condition of older stock, since there is no supply or regulatory question to answer here. Document both and the file moves quickly. Send the rent roll and the trailing twelve months and we will tell you which multifamily lenders are sharpest on your building, and what multifamily financing looks like at that size.
Kansas Apartment Loan Types We Serve
We arrange financing across Kansas for:
- Urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and rental properties
- Mixed-use and other multifamily property
Apartment Loans Across Kansas
We arrange apartment loans throughout Kansas, not only in the markets above. Lawrence, Manhattan, Salina, Hutchinson, Olathe and Lenexa are financed through the same agency, bank and credit union programs, and the two university towns in particular carry demand bases that do not track the agricultural or aviation cycle.
For larger balances see our Kansas multifamily loans. For office, retail, industrial and owner-occupied property see Kansas commercial mortgages, and nationwide we lend in most major U.S. cities.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Other Property & Loan Types We Finance in Kansas
As a full-service commercial mortgage broker, we arrange Kansas financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
What Our Clients Say
“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, IL“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“Select Commercial offered 100% financing for my medical practice when my bank would have required 20% down. They delivered something my bank could not, and handled everything professionally.”
John C. · Boston, MAGet Your Kansas Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Kansas apartment loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up
Kansas City Spotlights: 2026 Apartment Market Notes
Beyond the major metros, we finance apartment buildings across Kansas. Current market notes for cities where borrowers ask us to lend:
- Topeka: median 1-bedroom rent about $688, down 11% year over year (Zumper, August 2026), the state capital and one of the most affordable markets we serve.
National baseline for context: the U.S. median rent was $1,388 in July 2026, down 1.1% year over year, with rental vacancy near 7.2% (national rent report, July 2026). Each city above links to our local commercial mortgage page, and we finance 5+ unit apartment properties in every Kansas market from $1,500,000.