Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Grand Rapids, Michigan
Grand Rapids Apartment Loans in 2026
Select Commercial specializes in Grand Rapids apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 5.68% and up to 80% LTV. For properties elsewhere in the state, see our Michigan apartment loans; for loans over $6 million, see Grand Rapids multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Grand Rapids
Grand Rapids 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.
Grand Rapids Apartment Loan Rates
Rates updated as of August 19, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.08% | Up to 80% |
| 7 Year Fixed | 6.19% | Up to 80% |
| 10 Year Fixed | 6.28% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.68% | Up to 75% |
| 7 Year Fixed | 5.79% | Up to 75% |
| 10 Year Fixed | 5.88% | 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 19, 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 Grand Rapids Apartment Loan Programs
As a broker, we compare every program to find your best-fit Grand Rapids apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.08% | 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. For properties over $6 million, see our Grand Rapids multifamily loans.
2026 Grand Rapids Apartment Loan Market: Tight vacancy, steady demand
Grand Rapids heads into 2026 with tight vacancy and steady renter demand, supported by healthcare, education, and manufacturing employment.
Employment
The region added about 2,000 jobs in 2025 and employers plan continued hiring in 2026, though at a slower pace, with wages expected to rise about 3.2 to 3.5 percent.
Construction and supply
Recent development has concentrated in higher end downtown buildings, keeping new supply relatively measured.
Vacancy
Vacancy is running in the 5 to 6 percent range, below the national average.
Rent trend
Average apartment rent is about $1,572 per month, up roughly 0.7 percent year over year.
2026 Grand Rapids forecast at a glance:
- Vacancy stays relatively tight
- Steady demand from healthcare and education
- Rent growth in the low single digits
- Hiring continues at a slower pace
Grand Rapids Multifamily Loans (Over $6 Million)
For larger Grand Rapids 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 Grand Rapids 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.
Grand Rapids Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Grand Rapids 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 Grand Rapids
As a full-service commercial mortgage broker, we arrange Grand Rapids financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Grand Rapids Neighborhoods We Serve
Select Commercial provides apartment loans throughout Grand Rapids, Michigan and the surrounding area, including:
- Heritage Hill
- Eastown
- East Hills
- Creston
- Alger Heights
- Ottawa Hills
- Midtown
- Fulton Heights
- West Grand
- John Ball Park
- Belknap Lookout
- Baxter
- Garfield Park
- Eastgate
- Ridgemoor
- Millbrook
- Fuller Avenue
- Black Hills
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 Grand Rapids Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Grand Rapids 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