Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Nevada
Nevada Apartment Loans
Select Commercial arranges Nevada apartment loans from $1,500,000, up to 80% LTV, with rates as low as 5.67%. We compare Fannie Mae, Freddie Mac, FHA, bank and bridge programs to fit your property. On larger balances, see multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Nevada
Nevada apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Nevada commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Nevada Apartment Loan Rates
Rates updated as of August 29, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.07% | Up to 80% |
| 7 Year Fixed | 6.17% | Up to 80% |
| 10 Year Fixed | 6.25% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.67% | Up to 75% |
| 7 Year Fixed | 5.77% | Up to 75% |
| 10 Year Fixed | 5.85% | Up to 75% |
- 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 August 29, 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 Nevada Apartment Loan Programs
As a broker we compare every program for your best-fit Nevada apartment financing:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.07% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25% | 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 Nevada Apartment Loan Market
Nevada is two apartment markets that are currently moving in opposite directions, and a lender treats them as such. Reno average rent reached about $1,805 as of August 2026, up 4.73% over the year. Las Vegas averaged $1,474 over the same period, down 0.32%. Same state, roughly the same national conditions, five percentage points apart.
Las Vegas is still working off its supply wave, but the end is in sight. The metro delivered more than 12,000 units across the prior two years and only 458 in the first quarter of 2026, with 6,493 units still under construction as of March. Stabilized occupancy ran 92.8% in February, down about 70 basis points over the year, and metro asking rent of roughly $1,468 through March was down 1.3% year over year but up 0.2% on a trailing three-month basis. That last figure matters more than it looks: it was the first stretch in about eighteen months where Las Vegas rents outperformed the national pace rather than trailing it.
Values have held up better than rents. Las Vegas apartment property traded at an average of $218,540 a unit across 2025, up about 4% over the year, and transaction activity in early 2026 was thin rather than distressed. Buyers have been pricing the recovery ahead of the operating statements, which is the usual pattern near the end of a supply cycle.
Reno is a different market entirely. Rent growth approaching 5% puts it among the stronger performers in the western states, on an employment base that has been reshaped over the last decade by logistics, distribution and advanced manufacturing along the interstate corridor rather than by tourism.
Across Nevada 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.
Nevada Markets We Finance
Almost all of Nevada’s apartment stock sits in two valleys three hundred miles apart, and they run on different economies. A Nevada apartment mortgage is structured to which of the two you are in.
Las Vegas and the valley
The larger market by a wide margin, and the one carrying the supply. More than 12,000 units delivered across 2024 and 2025 against only 458 in the first quarter of 2026, with 6,493 still under construction. Stabilized occupancy of 92.8% and asking rent around $1,468, down 1.3% over the year but positive on a trailing three-month basis for the first time in roughly eighteen months. Values held up at about $218,540 a unit across 2025, up 4%. For a stabilized Las Vegas apartment complex with a clean rent roll and concessions burned off, agency quotes are competitive; a property still leasing up is a bank or bridge conversation until occupancy proves out.
Las Vegas apartment loans · Las Vegas commercial · Henderson
Reno, Sparks and northern Nevada
The stronger of the two right now, with average rent near $1,805 as of August 2026 and growth of 4.73% over the year. Northern Nevada has spent a decade converting itself from a secondary gaming market into a logistics, distribution and advanced manufacturing corridor, and the resulting employment base behaves very differently from southern Nevada’s. Supply has been more measured here, which has kept occupancy durable in existing buildings. Regional banks and credit unions compete hard against the agencies for apartment building loans in the Truckee Meadows.
Reno apartment loans · Reno commercial
Rent figures above are average asking rents across professionally managed buildings of fifty units and up as of August 2026, except the Las Vegas metro figure, which is a trailing three-month average through March 2026. Where we do not yet have a dedicated apartment page for a Nevada city, the link goes to our commercial mortgage page for that market.
How a Nevada Apartment File Actually Underwrites
Nevada has no state income tax, which is a genuine draw for owners, but it is not what a lender is looking at. Three other things drive a Nevada file, and understanding them before you apply is worth more than any rate you could negotiate.
Employment concentration. Southern Nevada demand is tied more closely to hospitality, gaming, construction and distribution than most metros are to any single sector, and lenders read that as more cyclical than a healthcare or university base. In practice that means an underwriter will look at a longer operating history on a Las Vegas apartment building than they might on an equivalent asset in a more diversified market, and will be less willing to underwrite a forward rent assumption off one strong year. Northern Nevada’s manufacturing and logistics base is read as steadier, though it carries its own concentration risk around a handful of large employers.
Where you sit in the supply cycle. With 6,493 units still under construction in Las Vegas, what is leasing up within a mile or two of your building matters far more than the metro vacancy figure. A property competing directly against a new lease-up is giving concessions, which means effective rent sits under asking rent and the lender sizes on collections. A property three miles away with nothing new nearby is a different file entirely. Be ready to speak to your own submarket, not the metro.
The trailing twelve, not the projection. Because both of the above make forward assumptions harder to defend, Nevada files are sized on demonstrated in-place income more than in most states. That puts a premium on clean documentation: a current rent roll, twelve months of operating statements, and a straight answer on what concessions you are running. Owners who have burned concessions off and held occupancy for two or three quarters borrow materially better than owners still buying traffic with free rent, and the gap is wider here than the rate difference between lenders.
Refinancing a Nevada Apartment Building
The timing question is different in the two halves of the state, and it is worth being deliberate about it rather than defaulting to whenever your loan matures.
In Las Vegas, the case for waiting is real but shrinking. Metro rents turned positive on a trailing three-month basis for the first time in about eighteen months, and the delivery pipeline is emptying fast. If you are still offering meaningful concessions, each quarter you burn them off and hold occupancy improves the operating statement a lender will underwrite. For some owners a shorter-term bank or bridge structure now, with permanent agency debt once the pipeline clears, produces more total proceeds than locking a smaller loan today. That is a conversation worth having before you apply rather than after a disappointing quote.
In Reno the argument runs the other way. With rents up close to 5% over the year and supply measured, operating statements are improving rather than deteriorating, and there is little to gain from waiting.
Everywhere, start with the rent roll and the trailing twelve. Proceeds are sized on in-place income, and where concessions are running the lender sizes on collections rather than on the rent roll. Then read the note: confirm the maturity date and whether prepayment is yield maintenance, a step-down or open, and begin six to nine months ahead of a balloon so there is room to shop more than one lender rather than accept an extension from the incumbent. A great deal of Nevada multifamily was financed with floating-rate bridge debt in 2021 and 2022 against rent assumptions the supply wave undercut, and lenders are noticeably more constructive with owners who came to them early.
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. Nevada apartment loans start at $1,500,000, whether it is a twenty-unit property in Sparks or a garden complex in the southwest valley.
Nevada Multifamily Financing
Apartment loan and multifamily loan are the same debt on the same asset: a building with five or more residential units. We arrange it across Nevada, from a small Reno walk-up to an institutional Las Vegas portfolio, and the label makes no difference to the underwriting.
Loan size decides who bids. Smaller Nevada balances usually price best with regional banks, credit unions and the agency small-balance programs, where local knowledge of the submarket and a clean rent roll carry the file. Larger balances open the field to Fannie Mae, Freddie Mac, FHA, life companies and CMBS, and multifamily loan rates there 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.
Nevada multifamily lenders concentrate on submarket supply and on the concession line above almost everything else at the moment. Know where your building sits on both before you apply. Send the rent roll and the trailing twelve months and we will tell you which multifamily lenders are sharpest on your property, and what multifamily financing looks like at that size.
Nevada Apartment Loan Types We Serve
We arrange financing across Nevada 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 Nevada
We arrange apartment loans throughout Nevada, not only in the two big metros. Carson City, Sparks, Elko and the smaller communities are financed through the same agency, bank and credit union programs, though the rural and gaming-dependent markets are underwritten on longer operating histories than a single trailing twelve.
For larger balances see our Nevada multifamily loans. For office, retail, industrial and owner-occupied property see Nevada 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 Nevada
As a full-service commercial mortgage broker, we arrange Nevada 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 Nevada Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Nevada 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