Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Des Moines, Iowa
Des Moines Apartment Loans in 2026
Select Commercial specializes in Des Moines apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 6.16% and up to 80% LTV. For properties elsewhere in the state, see our Iowa apartment loans; for loans over $6 million, see Des Moines multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Des Moines
Des Moines apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Iowa apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Des Moines Apartment Loan Rates (Under $6 Million)
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Apartment 5 Year Fixed | 6.16% | Up to 80% |
| Apartment 7 Year Fixed | 6.14% | Up to 80% |
| Apartment 10 Year Fixed | 6.16% | Up to 80% |
- Rates as low as 6.16% on Des Moines apartment loans
- Up to 80% LTV on apartment financing
- Terms and amortizations up to 30 years
- Purchase and refinance, including cash-out
- No upfront application or processing fees
- 48-hour written pre-approvals, no cost or obligation
Rates last updated August 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 Des Moines Apartment Loan Programs
As a broker, we compare every program to find your best-fit Des Moines apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.16% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.14% | Up to 80% | $1M to $7.5M small balance |
| FHA / HUD | 6.16% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.74% | 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. For properties over $6 million, see our Des Moines multifamily loans.
2026 Des Moines Apartment Loan Market: Supply pressure easing into 2026
The Des Moines apartment market enters 2026 shifting from a stretch of heavy new supply toward more balanced conditions, with completions slowing and renter demand holding firm.
Employment
The Des Moines metro supports roughly 412,000 nonfarm jobs, with employment up about 2.9 percent year over year heading into 2026.
Construction and supply
Developers delivered about 2,046 units in 2025, but completions are forecast to fall to near 908 units in 2026, and units under construction ended 2025 around 1,605, roughly a third below the ten year average.
Vacancy
Occupancy is holding near 92 percent, putting vacancy in the high 7 percent range as the market absorbs recent deliveries.
Rent trend
Average effective rent was about $1,151 at the end of 2025 and is projected to rise roughly 1.5 percent to near $1,168 in 2026.
2026 Des Moines forecast at a glance:
- Completions slow sharply in 2026
- Demand expected to outpace new supply
- Occupancy edges up modestly
- Rent growth returns to about 1.5 percent
Des Moines Multifamily Loans (Over $6 Million)
For larger Des Moines apartment properties, we arrange multifamily loans over $6 million through Fannie Mae DUS, Freddie Mac, FHA/HUD and CMBS. These institutional programs offer non-recourse financing, up to 80% LTV and fixed terms up to 30 years, with even longer fully amortizing options through HUD.
See our Des Moines multifamily loans page for over-$6 million financing, or explore Fannie Mae and Freddie Mac agency programs.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Des Moines Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Des Moines apartment building, we arrange financing for:
- Large urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and single-family rental properties
- Other multifamily and mixed-use properties
We consider apartment loan requests of all sizes, beginning at $1,500,000.
Other Property & Loan Types We Finance in Des Moines
As a full-service commercial mortgage broker, we arrange Des Moines financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Des Moines Neighborhoods We Serve
Select Commercial provides apartment loans throughout Des Moines, Iowa and the surrounding area, including:
- Beaverdale
- Sherman Hill
- Drake
- Downtown
- East Village
- Ingersoll Park
- Waterbury
- South of Grand
- Merle Hay
- Highland Park
- Union Park
- Capitol East
- River Bend
- Fairgrounds
- Woodland Heights
- Salisbury Oaks
- Greenwood
- Watrous South
For other cities in the state, see Iowa apartment loans.
Nearby Apartment Loan Markets
We finance apartment buildings nationwide. Explore related markets:
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 Des Moines Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Des Moines 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