Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
North Carolina
North Carolina Apartment Loans
Select Commercial arranges North Carolina 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 North Carolina
North Carolina apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See North Carolina commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
North Carolina 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 North Carolina Apartment Loan Programs
As a broker we compare every program for your best-fit North Carolina 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 North Carolina Apartment Loan Market
North Carolina’s two big apartment markets sit at opposite ends of the same cycle, and which one your building is in matters more than anything else on this page. Charlotte is still absorbing one of the heaviest construction pipelines in the country. Raleigh-Durham has already been through it and come out the other side.
Charlotte is carrying the supply. The metro delivered 18,436 units in 2025, about 7.4% of its stock and the largest year in five, and added another 6,596 through 2026 to date, roughly 2.6% of stock and well above the national completion rate. More than 6% of Charlotte’s existing inventory is still under construction, among the highest ratios of any major U.S. market. Vacancy was reported at 6.2% on an all-product basis in the first quarter of 2026, and one brokerage survey found more than half of Charlotte properties offering concessions, the highest share on record.
Raleigh-Durham has already turned. After more than 26,000 units delivered across 2024 and 2025, first-quarter 2026 completions fell about 63% year over year, construction starts fell about 47%, and the pipeline contracted roughly 30% to a five-year low. Stabilized occupancy held at 93.1% as of March 2026 with average rent around $1,539. That is what the back half of a supply cycle looks like, and lenders start getting comfortable again at this point.
On Charlotte rent figures, be careful. Published 2026 readings range from roughly $1,516 to $1,586 a month, and the growth direction disagrees too: one source shows an eleventh consecutive quarterly decline of about 3.2% year over year, another shows rents essentially flat. Different panels, different answers. Ask which one a quoted figure comes from before you underwrite to it.
Across North Carolina 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.
North Carolina Markets We Finance
Charlotte and the Triangle are at different points in the same supply cycle, and the Triad and the coast run on their own logic entirely. A North Carolina apartment mortgage gets structured to the metro, not to the state.
Charlotte
The largest apartment market in North Carolina and the Carolinas and currently one of the most heavily supplied in the country, with more than 6% of existing stock under construction. Trailing-year sales ran about $2.3 billion across roughly 60 properties, down about 35% by count, at an average near $214,600 a unit and a 5.0% cap rate. With concessions widespread, effective rent sits under asking rent and a North Carolina lender will size on the lower figure. A stabilized Charlotte apartment complex with a clean rent roll still prices as competitively as anything in North Carolina; anything in lease-up is a bank or bridge conversation until occupancy proves out. The upside is that a pipeline this size does not refill quickly, and owners who hold through it usually find the far side worth the wait.
Charlotte apartment loans · Charlotte commercial
Raleigh, Durham and the Triangle
The clearest recovery story in North Carolina. Deliveries down about 63% year over year in the first quarter of 2026, starts down about 47%, and the pipeline at a five-year low after more than 26,000 units landed across 2024 and 2025. Stabilized occupancy of 93.1% as of March 2026 at around $1,539 a month, with modest positive growth forecast for the year. University, hospital and research employment gives the Triangle a demand base unlike anywhere else in North Carolina, and one that does not track the general economy, which agency lenders like. Apartment building loans here are being quoted more aggressively than they were twelve months ago.
Raleigh apartment loans · Raleigh commercial · Durham · Cary
The Triad and Fayetteville
Greensboro, Winston-Salem, High Point and Fayetteville run on a lower cost per unit and higher going-in yields than either big metro, with far less new construction competing against existing buildings. These North Carolina markets belong to regional banks, credit unions and the agency small-balance programs. One thing to know before you buy in Greensboro: Guilford County revalued property effective January 1, 2026, so the tax line on a trailing operating statement there may already be out of date.
Where we do not yet have a dedicated apartment page for a North Carolina city, the link goes to our commercial mortgage page for that market, which covers apartment and mixed-use property alongside other commercial types.
North Carolina Revaluations, Rent Rules and Insurance
North Carolina has no rent control, and no city can create one. State law preempts local rent regulation on privately owned rental property outright, with narrow carve-outs only for government-owned or subsidized units. Charlotte, Raleigh and every other municipality are covered by that preemption. For a lender projecting your income, that means no statutory ceiling on rent growth, which is a real advantage over a California or a New York file.
Property revaluation is the number to watch instead. Every North Carolina county must revalue at least every eight years and the larger urban counties go more often, which means the tax line on your operating statement can jump in a single year. Guilford County, covering Greensboro and High Point, revalued effective January 1, 2026. Mecklenburg County, covering Charlotte, last revalued in 2023 and is next up in 2027. Wake County, covering Raleigh and Cary, last revalued in 2024, is also next in 2027, and then moves to a two-year cycle from 2029. Forsyth County, covering Winston-Salem, and Durham County both revalued effective January 1, 2025.
Rates also vary meaningfully between North Carolina counties, and again between the county and the municipality layered on top of it, so two comparable buildings twenty minutes apart can carry noticeably different burdens. Confirm the actual parcel rather than working from a metro average, and if your county is heading into a revaluation year, expect the lender to underwrite a higher tax figure than the one on your statement.
On insurance, geography does most of the work. Charlotte and the Triangle sit inland in the Piedmont, away from both the coastal wind and surge exposure of the Outer Banks and the flood and landslide risk in the western mountains. North Carolina runs two residual market pools, a statewide FAIR plan and a coastal Beach Plan for wind and hail, and whether your building falls inside the coastal pool’s territory changes the premium materially. On any coastal North Carolina apartment building, bring the current binder with wind deductible and flood zone alongside the rent roll, because it will drive the sizing.
Refinancing a North Carolina Apartment Building
Where you refinance in North Carolina right now depends heavily on which side of the supply cycle your building sits.
In Charlotte, timing is the whole conversation. If your property has been matching concessions against new lease-ups nearby, your trailing twelve reflects the worst of it. Deliveries are still landing but the pipeline does not refill quickly, so for some owners the right move is a shorter-term bank or bridge structure now and permanent debt in eighteen months, rather than locking a smaller loan against a depressed operating statement. That is a real conversation worth having before you apply.
In the Triangle, the argument runs the other way. With completions down sharply and occupancy holding, operating statements are improving rather than deteriorating, and agency lenders are quoting more aggressively than they were a year ago. Waiting has less to recommend it here.
Across North Carolina, start with the rent roll and the trailing twelve. Proceeds are sized on in-place income, and where concessions are running, effective rent sits below asking rent and the lender sizes on the lower number. Then check your county’s revaluation status, because a reassessed tax line changes debt service coverage on its own. Then read the note: confirm maturity and whether prepayment is yield maintenance, a step-down or open, and start six to nine months ahead of a balloon so you can shop rather than accept an extension.
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. North Carolina apartment loans start at $1,500,000, whether it is a twenty-unit building in Winston-Salem or a garden complex outside Charlotte.
North Carolina Multifamily Financing
Apartment loan and multifamily loan describe the same debt on the same asset: a building with five or more residential units. We arrange it across North Carolina, from a small Piedmont walk-up to an institutional garden portfolio, and the vocabulary has no effect on the underwriting.
In North Carolina, loan size decides the bidder list. Smaller balances usually price best with regional banks, credit unions and the agency small-balance programs, where local knowledge 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 frequently 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.
North Carolina multifamily lenders are focused right now on submarket supply and on where your county sits in its revaluation cycle. 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 property, and what multifamily financing looks like at that size.
North Carolina Apartment Loan Types We Serve
We arrange financing across North Carolina 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 North Carolina
We arrange apartment loans throughout North Carolina, not only in the metros above. Asheville, Wilmington, Greenville, Hickory and the smaller Piedmont and coastal cities are financed through the same agency, bank and credit union programs, and a well-occupied building outside Charlotte or the Triangle often supports more leverage than its owner expects.
For larger balances see our North Carolina multifamily loans. For office, retail, industrial and owner-occupied property see North Carolina 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 North Carolina
As a full-service commercial mortgage broker, we arrange North Carolina 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 North Carolina Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on North Carolina 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