Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Detroit, Michigan
Detroit Apartment Loans in 2026
Select Commercial specializes in Detroit apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 5.74%-6.84% and up to 80% LTV. For properties elsewhere in the state, see our Michigan apartment loans; for loans over $6 million, see Detroit multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Detroit
Detroit apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Michigan apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Detroit Apartment Loan Rates
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.16% | Up to 80% |
| 7 Year Fixed | 6.14% | Up to 80% |
| 10 Year Fixed | 6.16% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.70% | Up to 75% |
| 7 Year Fixed | 5.76% | Up to 75% |
| 10 Year Fixed | 5.72% | 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 10, 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 Detroit Apartment Loan Programs
As a broker, we compare every program to find your best-fit Detroit apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.16%-6.95% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $1M to $7.5M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25%-6.50% | 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 Detroit multifamily loans.
2026 Detroit Apartment Loan Market: Suburban Areas Stand Out as High Cap Rates Support Investment
Detroit's suburban submarkets stand out in 2026, staying comparatively tight even as new supply remains elevated. Some of the highest cap rates among major metros continue to draw out-of-state capital.
Employment
Job gains are expected to total 5,000 in 2026, a modest rebound from 2025's decline, though the growth rate ranks third slowest among major Midwest markets.
Construction and supply
Supply growth remains elevated in 2026, with total inventory expanding by 0.7%, roughly 2,100 units, and nearly 900 new units slated for delivery in Westland, Canton, Livonia.
Vacancy
Following two years of consecutive declines, the vacancy rate is forecast to nudge up to 3.9% by the end of 2026, still well below the metro's long-term average of 5.8%.
Rent trend
Rent growth slows slightly but still ranks among the top 10 nationally, with the average monthly payment rising to $1,440 by year-end, an increase of about 3.1%.
2026 Detroit forecast at a glance:
- Employment: about 5,000 new jobs
- Construction: about 2,100 units, inventory growth of 0.7%
- Vacancy: around 3.9% by year-end
- Rent: about $1,440 per month, up roughly 3.1%
Detroit Multifamily Loans (Over $6 Million)
For larger Detroit 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 Detroit 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.
Detroit Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Detroit 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 Detroit
As a full-service commercial mortgage broker, we arrange Detroit financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Detroit Neighborhoods We Serve
Select Commercial provides apartment loans throughout Detroit, Michigan and the surrounding area, including:
- Downtown Detroit
- Midtown
- Corktown
- Greektown
- Indian Village
- Woodbridge
- New Center
- Eastern Market
- Palmer Woods
- Boston-Edison
- West Village
- Rivertown
- Mexicantown
- Sherwood Forest
- Bagley
- University District
- Lafayette Park
- Grandmont-Rosedale
For other cities in the state, see Michigan 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 Detroit Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Detroit 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