El Paso, Texas
El Paso Apartment Loans in 2026
Lenders reviewing El Paso apartment loans weigh the renter base, which here includes Fort Bliss, with 41,527 direct employees in 2025, and UTEP, whose fall 2026 enrollment hit a record 27,368. Loans begin at $1,500,000 and can go up to 80% LTV, while the best-qualified stabilized buildings carry rates from 6.12%; the commercial mortgage rates for each loan program show the rest. Each request is priced by bridge lenders, banks, HUD, CMBS desks and the agencies before we recommend a lender, without application or processing charges. Properties beyond this page's range go to El Paso multifamily loans, and owners across the rest of the state use Texas apartment loans.
Get a Free QuoteEl Paso Jobs, Population and Apartment Supply in 2026
BLS's preliminary September 2026 estimate, not seasonally adjusted, has El Paso metro payrolls at 363,100, 0.6% above September 2025's count; year-over-year growth had been 1.2% in June and July. By sector, professional and business services gained the most (3.0%), ahead of manufacturing (1.6%), but government was down 0.8% and information 3.1%; August unemployment was 4.6%. The city's July 2025 Census estimate was 683,012 residents, 0.6% above the 2020 base.
HUD's most recent El Paso market analysis, covering El Paso and Hudspeth counties as of January 1, 2025, called rental conditions balanced. Fourth-quarter 2024 apartment vacancy was 6.4%, versus 5.6% a year before, and 1,350 rental units were being built, while permits dropped to about 230 rental units in 2024, versus 1,200 per year, on average, in 2022 and 2023.
El Paso Rent Gains Versus the Texas Trend
Apartment List's October 2026 report gives El Paso a $1,182 median rent after a 0.9% September gain, and its 12-month gain of 1.6% outpaced the report's Texas figure, which fell 2.1%. One-bedrooms run $941 at the median, two-bedrooms $1,126. RentCafe tracks every El Paso property of 50-plus units; its September 30, 2026 average, $1,142, sat 3.58% above its year-earlier $1,102, and its data show renters in 39% of households.
Fort Bliss heads the largest-employer list in HUD's January 2025 analysis, and the Texas Comptroller credits it with at least $29 billion contributed to the state economy in 2025. HUD's list continues with T&T Staff Management (7,606), the City of El Paso (6,095) and Walmart (5,511). Meta's far Northeast El Paso data center, expected to be operational in 2028, was reported at $1.5 billion in October 2025, with 1,800 construction jobs and 100 operational jobs. Lenders weigh that employer mix with the rent data.
El Paso Apartment Loan Rates
Rates updated as of November 8, 2026
Shown here are best-case figures for a stabilized building. For an El Paso apartment loan, the 2025 school district line alone was $0.9389 per $100 in Socorro ISD, $1.0807 in El Paso ISD and $1.2005 in Ysleta ISD, and underwriters price against the actual tax bill.
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.52% | Up to 80% |
| 7 Year Fixed | 6.55% | Up to 80% |
| 10 Year Fixed | 6.59% | Up to 80% |
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
See El Paso Multifamily Rates Over $6 Million, Starting at 6.12%
Rates last updated November 8, 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.
Mapping Our El Paso Apartment Lending
Kern Place, created by businessman Peter Kern in 1914, sits just a mile north of downtown, and, a Texas House resolution notes, its Hoover House has housed UTEP's president since 1965. Manhattan Heights became El Paso's first locally designated historic district in 1981; Old San Francisco (1983), Sunset Heights (1984) and Austin Terrace (1990) came later. In these districts the Historic Preservation Office reviews exterior work, and the Historic Landmark Commission hears new construction, major exterior remodeling and demolition. Ysleta, which the Texas State Historical Association calls perhaps the oldest town in Texas, was annexed by El Paso in 1955. RentCafe's neighborhood figures for September 2026 put Mesa Hills at $1,290, Coronado at $1,248, Ysleta at $1,055 and Sunset Heights at $929.
Our loans reach these neighborhoods and others inside the city limits:
- Downtown
- Segundo Barrio
- Chamizal
- Sunset Heights
- Kern Place
- Manhattan Heights
- Austin Terrace
- Old San Francisco
- Mission Hills
- Mesa Hills
- Coronado
- Thunderbird
- North Hills
- Castner Heights
- Cielo Vista
- Lincoln Park
- Ysleta
What Each Program Offers an El Paso Borrower
Five lender groups compete for El Paso apartment loans, each with its own opening leverage, term and recourse:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.52% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.60% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.74% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
The usual minimum is 1.25x debt-service coverage. For an El Paso building, that test now runs against a 2026 city rate of $0.798 per $100, up from $0.759649. Loans too big for these programs continue on El Paso multifamily loans.
Rates last updated November 8, 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.
El Paso's Local File: 44 Taxing Units, a Stormwater Charge and the 2006 Floods
One collector for 44 taxing units. The El Paso Central Appraisal District appraises property countywide, while the City of El Paso's tax office bills for all 44 taxing units each October, with payment due by January 31. At 2025 rates, EPCAD records for property inside the city show combined rates of $2.501893 per $100 in Socorro ISD, $2.643693 in El Paso ISD and $2.763493 in Ysleta ISD, counting city, county, college and hospital district levies.
What changed for 2026. Commissioners Court unanimously adopted a no-new-revenue county rate of $0.451133 on August 17, 2026, a cut from $0.458889; City Council set $0.798 the next day, up from $0.759649; and the hospital district that includes University Medical Center got a 23.7-cent rate, down from 24. Those three total about $1.49 per $100 before school and college levies, and Ysleta ISD and Socorro ISD rates were still pending in late October.
Texas rules in two sentences. Local Government Code 214.902 allows El Paso to adopt rent control only after the council declares a housing emergency resulting from a disaster, with the ordinance also needing the governor's approval. Article VIII, Section 29 of the state constitution bars real estate transfer taxes enacted after January 1, 2016, and the 20% yearly appraisal limit in Tax Code 23.231 for non-homestead property worth up to an inflation-adjusted $5 million lapses after 2026.
Stormwater billed by pavement. El Paso Water puts apartment buildings in its non-residential stormwater class, at $7.55 a month for each 2,000 square feet of impervious area; apartments with residential meters are billed unit by unit on the residential tiers instead.
Flood history. Rain between July 27 and August 4, 2006 peaked on August 1 with what the National Weather Service called the worst flooding in the metro's recorded history, and a federal disaster was declared for El Paso County on August 15. On October 24, 2026, a reservoir overflow near Dawnlight in northwest El Paso forced 16 homes to evacuate. Federal rules make flood insurance compulsory for a government-backed mortgage on a building FEMA places in its A or V zones; the NFIP's building limit for five-plus-unit structures is $500,000.
Financing Options in El Paso
Which card applies depends on what your El Paso property is:
Statewide, from Lubbock to Houston, the Texas apartment loans page picks up where this one ends.
School Tax Votes and the Timing of an El Paso Refinance
An El Paso refinance closing this winter may come before the property's 2026 tax bill is final. Ysleta ISD and Socorro ISD rates still hinged on voter-approval elections or adoption in late October, with the tax office aiming for the first week of December, so we size those loans on a conservative tax estimate and attach the 2025 bill.
The next date to watch is December 31, 2026, when Tax Code 23.231 expires; a 2027 appraisal notice for a smaller building may then rise more than 20%. Rents are up 1.6% in a year citywide, per Apartment List, but lenders underwrite the property's actual collections.
El Paso Apartment Building Loans Sized to the Local Rental Stock
In HUD's El Paso market area, buildings with five or more units held 39% of occupied rentals in 2023, down from 41% in 2021, and about 40% of renter households lived in single-family homes or townhomes. Typical requests involve:
- Garden-style apartment complexes
- Older properties inside historic districts like Sunset Heights
- Student-oriented rentals near UTEP
- Housing for Fort Bliss soldiers, civilians and families
- Affordable and tax-credit apartment complexes
- Mixed-use buildings with downtown storefronts
El Paso Multifamily Financing When the Rent Roll Runs Deep
Fannie Mae and Freddie Mac loans can reach 80% LTV, with terms to 30 years and recourse only for standard carve-outs. Longest of all is HUD's FHA amortization; Fannie Mae, which offers an FHA Risk Share execution, allows a loan to amortize completely, with schedules reaching 40 years. CMBS loans close non-recourse; banks negotiate case by case and often take recourse.
Fort Bliss gets its own line in a large El Paso file: the Comptroller counted 30,288 active-duty personnel there in 2025 and tied 121,220 direct and indirect jobs to the post, so we show lenders the military share of a big rent roll. Our El Paso multifamily loans page lays out program terms, while Freddie Mac and Fannie Mae have separate agency pages.
El Paso Multifamily Loan Rates
For larger balances, over $6 million
Cross-Border Commercial Property: Other El Paso Loans
Warehouses, offices, clinics, hotels and stores in El Paso get the same multi-lender pricing:
Nearby Apartment Loan Markets
Houston, Dallas, Fort Worth and five more Texas cities each have a page; the national list covers everything else:
Houston · Dallas · Austin · San Antonio · Lubbock · Plano · Arlington · Fort Worth · All Texas · Other U.S. cities
Recent Apartment Loan Closings
Texas appears among the closings below, though none is in El Paso, and each one drew bids from competing lenders.
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 El Paso Apartment Loan Quote
Our first request for any El Paso building is the rent roll, then trailing 12-month statements, the latest appraisal district notice and 2025 tax bill, El Paso Water stormwater charges and a flood zone determination; with those, we approach lenders and return written terms.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up