Florida Apartment Loans
$1,000,000 Minimum

Florida Apartment Loan Rates - Rates updated July 2nd, 2020

Apartment Loan Starting Rates LTV
5 Year Fixed Rates 3.41% Up to 80% Get Free Quote
7 Year Fixed Rates 3.49% Up to 80% Get Free Quote
10 Year Fixed Rates 3.53% Up to 80% Get Free Quote
Florida Apartment Building Florida
Apartment Building

Select Commercial has excellent apartment building loan and multifamily loan products and options available for owners and purchasers of multi-family and apartment properties throughout the state of Florida. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a co-operative, we can help you find the optimal financing solution to meet your apartment mortgage loan needs. While we lend across the entire continental US, we are able to give our best rates and loan programs to certain areas that we feel are strong markets. Florida is one of the states that we consider to be a premium market for apartment building loans and we actively look to originate good quality loans here for our clients. We have a diverse array of many available loan products to help qualified FL borrowers looking to purchase or refinance an apartment property. We offer apartment loans with terms and amortizations up to 30 years, recourse and non-recourse, and many options for prepayment. We typically approve apartment building loans within 1 day and usually close within 45 days of application. Our clients love our simplified application process, 24-hour pre-approvals with no-cost and no-obligation, great rates and terms, fast closings and personalized service.

Florida Apartment Loan Benefits

Florida Apartment loan rates start as low as 3.41% (as of July 2nd, 2020)
• No upfront application or processing fees 
• Simplified application process 
• Up to 80% LTV on apartment financing 
• Terms and amortizations up to 30 years 
• Loans for purchase and refinance, including cash-out 
• 24 hour written pre-approvals with no cost and no obligation

Recent TRUSTPILOT Reviews

Select Commercial Funding Reviews from TRUSTPILOT

A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"


Florida Apartment Loan Types We Serve

If you are looking to purchase or refinance a Florida apartment building, don't hesitate to contact us. We arrange financing in the state of Florida for the following:

  • Large urban high-rise apartment buildings
  • Suburban garden apartment complexes
  • Small apartment buildings containing 5+ units
  • Underlying cooperative apartment building loans
  • Portfolios of small apartment properties and/or single-family rental properties
  • Other multi-family and mixed-use properties

Recent Closings

Apartment Loan Trends in 2020

At the start of 2020 the market outlook did not indicate any significant factors that would cause major trouble in the multifamily market. Market indicators suggested that demand for housing, especially for apartment rentals, would remain healthy, thus continuing to generate new construction of multifamily buildings. Both the high number of permits and starts over the past couple of years led experts to believe that developer confidence is very high in the multifamily market. Market experts predicted an annual completion of 340,000 apartment units over 2020, way above the 300,000-annual average for the past five years. Over the last couple of years, the multifamily market has seen absorptions outperform expectations due to both changes in lifestyle and demographic preferences and new supply has consistently taken longer to be built. These two factors have helped the market to perform stronger than expected in the past and should continue throughout this year. Market data indicated that rent growth would remain strong in 2020, growing 3.6% (which is above the historical average). In terms of mortgage origination, low interest rates and strong multifamily performance were expected to help loan volumes grow. Experts predicted that the origination volume in 2020 will increase by 5.7% to $390 billion. Market data indicated that cap rates have more room to decline, which would lead to increasing property values and should drive up origination volume. However, with the current outbreak of Covid-19, the overall economy has been in flux. The stock market has crashed and commercial mortgage interest rates have been severely impacted. Huge metros such as New York have all but shut down much economic activity and entertainment. In this unsteady climate, many investors are scared to purchase commercial real estate and to take out commercial mortgages and apartment loans. Additionally, the oil industry has taken a big hit. Not only are people traveling less due to the pandemic, foreign countries like China and Russia are involved in a huge price war which is driving the price of oil way down. Experts are hopeful that as the weather warms up and public health policy learns how to handle this pandemic, the economy should revert back to its pre-virus strength.

What Happened with Apartment Loans in 2019

The multifamily market ended the 2019 year on a high note. Despite increased levels of new units entering the market, the apartment sector maintained strong and steady growth throughout the year. Vacancy rates throughout the country remained fairly stable, easing investors’ concerns of a significant decline in occupancy due to the high sum of multifamily units delivered. Furthermore, rent growth on the national and metropolitan levels remained healthy throughout the year. While 2019 rent growth was more modest than 2018, it was in line with 2016 and 2017 levels and remained above the national historic average of 3.4%. Based on data provided by the U.S. Census Bureau, multifamily completions increased slightly in 2019 when compared with 2018. The data also show that reported permit growth has increased 3% and starts are up 2%. Although 2019 data is not yet fully complete, these metrics suggest that the supply will remain elevated over the next few years. In terms of multifamily mortgage origination, the most up to date information has surpassed expectations. Mortgage Bankers Association reported that the 2018 mortgage volume came in at about $339 billion, an increase of 18.9% from 2017. While the actual 2019 numbers will not be available until later this year, experts estimate that due to solid fundamentals, low interest rates and heightened demand for multifamily investments, the total origination volume last year was about $369 billion.

The 2019 economy thrived overall. Throughout the year 2.1 million jobs were added which were in line with 2017 number (although it fell short of the 2018 total of 2.7 million). The unemployment rate also continued to decrease in 2019 as it went down 50 basis points to 3.5% at the end of the year. This number matched the lowest unemployment rate in fifty years. The labor market heavily supported increased salaries, as indicated by the 2.8% annual growth in the Employment Cost Index as of September of 2019. While these gains were below the expected amount for a market with such a low unemployment rate they were above the average for the past decade. At the beginning of the year many investors were concerned due to expectations of a recession. There were many indicators that supported this concern such as inverted two and ten year yield curves, an unanticipated rise in the June unemployment rate of ten basis points, an unstable stock market and slowed job growth. However, during the third and fourth quarters of 2019, the economy improved as job growth rose, the unemployment rate fell. This economic improvement has had a clear impact on the multifamily market as more investors are feeling bullish on putting their money into this asset class.

Florida Apartment Loan Options

Our company has multiple capital sources for these apartment loans, including: Fannie Mae, Freddie Mac, FHA, national banks, regional and local banks, insurance companies, Wall Street conduit lenders, credit unions and private lenders.

Florida Apartment Financing with Fannie Mae (FNMA)

Fannie Mae’s multifamily loan platform is one the leading sources of capital for apartment building loans in the US. Fannie Mae is a leader in the secondary market – meaning they purchase qualifying apartment loans from leading lenders who originate these loans for their borrowers. Fannie Mae purchases loans secured by conventional apartments, affordable housing properties, underlying cooperative apartment loans, senior housing, student housing, manufactured housing communities and mobile home parks on a nationwide basis. The Fannie Mae platform has many benefits, including:

  • Long term fixed rates and amortizations. Fannie Mae allows terms and amortizations of up to 30 years. Most banks offer only 5 or 10 year fixed rates and 25 year amortizations.
  • Non-recourse options. Most banks will require the borrower to sign personally for the loan. Fannie Mae offers non-recourse loans.
  • Lending in smaller markets. Many national lenders do not like to lend in rural or tertiary markets. Fannie Mae is a good option for these loans.
  • Assumability and Supplemental Financing. Fannie Mae allows their loans to be assumed by a qualified borrower. They also have a program which allows borrowers the ability to come back and borrow additional funds during the life of the loan (subordinate financing).

Florida Apartment Mortgages with Freddie Mac (FHLMC)

Freddie Mac is another government agency that provides mortgage capital in the secondary market for apartment building loans. Together, Fannie Mae and Freddie Mac control a very large portion of the multifamily market. Freddie Mac has a very aggressive program for small balance loans (from $1,000,000 to $7,500,000). Some features of this program include:

  • Market size driven. Freddie Mac classifies loans by the size of the overall market: Top, Standard, Small, and Very Small. Rates are best in top market locations (major metropolitan areas).
  • Capped costs. Freddie Mac lenders often cap the closing costs at a fixed dollar amount, thereby lowering the overall cost to borrow money.
  • Flexible pre-pay penalties. Freddie Mac offers many options for pre-payment penalties, from yield maintenance to step-down to “soft” step-down.
  • Interest-Only (I/O) loans. Freddie Mac will allow payments consisting of only interest and no amortization of principal.
  • Fixed rate terms. Freddie Mac offers fixed rates of 5, 7, and 10 years, followed by an adjustable period. These loans are called Hybrid/Adjustables. Loans have a 20 year term and a 30 year amortization schedule.

Florida Apartment Lending with Banks and Other Programs

While the agencies (Fannie Mae and Freddie Mac) offer some excellent programs, not every apartment loan applicant qualifies for these programs. We have many excellent choices for these loans with our correspondent banks, credit unions, insurance companies and private lenders. Some examples of these loans include:

  • Loans that require flexible underwriting or those that don’t meet standardized criteria.
  • Properties in less than desirable markets, or those that require repairs or updating.
  • Properties that don’t cash flow according to industry guidelines or lack stabilized cash flow.
  • Borrowers with past credit issues, including foreclosures, short sales, or judgements.
  • Borrowers who are not US citizens.

Whether you are purchasing or refinancing, we have the right solutions available for your multifamily mortgage loans. We will entertain loan requests of all sizes, beginning at $1,000,000. Click here to get started with a free loan quote.

Florida Multifamily Loan Information and Economic Overview

Florida's economy is one of the largest and most productive in the world. With a gross state product of about $1.0 trillion, Florida not only ranks as the fourth largest economy in the country but is also larger than all but fifteen countries in the world! Florida is responsible for 5 percent of the United States' approximate $21 trillion gross domestic product. Florida’s thriving business climate continues to the impress global business world. With its large, talented and successful workforce, lack of personal income tax and a streamlined regulatory environment, Florida provides a highly lucrative landscape for businesses and investments to thrive. Here are some of Florida’s economic statistics that demonstrate why you should be interested in receiving commercial mortgage financing in this region:

  • Florida has 4th largest economy in the U.S. (BEA & IMF)
  • Florida has a population of 20+ million, 3rd largest in the US (Census Bureau)
  • About 98.9 million tourists visit Florida each year (VISIT FL)
  • The state of Florida generates more than $153 billion in annual merchandise trade (WISER)
  • At more than $840 billion in personal income, Florida ranks #1 in the Southeast (BEA)

Florida has traditionally been one of the strongest and safest commercial real estate and multifamily markets in both the country and the world with continually positive returns and safety for the capital of its investors. Within the state, the South Florida market leads the way. With its tax-friendly laws, consistently strong population growth, innovative development projects and high rate of global tourists, Florida is the perfect place to invest in commercial real estate and apartment buildings. It’s more than just the population growth that makes Florida an active, enticing and lucrative market. Florida also possesses a high volume of attractive properties, diverse cultural offerings and is a very hot tourist attraction. Global investors in countries such as China, Canada, Germany, Singapore, Saudi Arabia, and Qatar are continuously investing in the Florida market. This substantial influx of capital coinciding with the current economic conditions provides a solid foundation for why South Florida remains a popular place for commercial real estate and multifamily investments. All of these factors blend together to continually make it an incredibly lucrative investment opportunity. In terms of commercial mortgages, there are over 2.5 mortgages for commercial properties throughout the state of Florida. The average value of these commercial mortgages is just over $4 million, 23% below the United States average. This data demonstrates that Florida is terrific place to obtain a commercial mortgage loan.

In terms of the multifamily market, South Florida is among the top U.S. markets for new units in 2019. About 13,000 apartments are projected to be added in the tri-county area this year. The bulk of construction in South Florida is occurring in Miami with about 7,000 units. That’s up from just over 3,100 apartment deliveries in Miami a year ago. Fort Lauderdale is next on the list with around 1,300 new units, followed by West Palm Beach with 700, Pompano Beach with a little under 500 and Doral with just over 300.
According to Freddie Mac’s Multifamily Report, several Florida markets are expected to produce the highest multifamily property revenue increases in 2019 due to strong population growth and low vacancy rates. In recent years the Jacksonville economy has flourished tremendously. The city’s gross metro product increased by an estimated average of 3.7% annually over the past five years. In 2018, rents in Jacksonville grew 5.7% which ranked as the fourth best performance among the top 50 markets in the United States. Jacksonville’s employment and population growth has contributed to the increase in household formations within the market. These households are amongst the strongest earners in the America. During the five years between 2012 and 2017, median household incomes in Jacksonville increased almost 21%, well above the national average of 17.5%. Due to these and many other factors, Jacksonville’s tremendous increase in both population and wages will be able to handle the deliveries and rising rents. Florida’s commercial real estate and apartment market currently ranks 5th nationwide for development behind only Texas, New York, California, and Tennessee. These numbers make Florida the perfect place to receive commercial mortgage financing in order to invest in commercial real estate and apartment buildings.

Florida Apartment Loans

Select Commercial provides apartment loans and commercial mortgages throughout the state of Florida including but not limited to the areas below.


JacksonvilleTallahasseeMiamiCape CoralFort LauderdaleTampa • Port Saint Lucie • St Petersburg • Pembroke Pines • OrlandoPembroke PinesHialeahWest Palm Beach