Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Missouri
Missouri Apartment Loans
Select Commercial arranges Missouri apartment loans from $1,500,000, up to 80% LTV, with rates as low as 5.80%. We compare Fannie Mae, Freddie Mac, FHA, bank and bridge programs to fit your property. For larger balances, see multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Missouri
Missouri apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Missouri commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Missouri Apartment Loan Rates
Rates updated as of September 2, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.20% | Up to 80% |
| 7 Year Fixed | 6.28% | Up to 80% |
| 10 Year Fixed | 6.33% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.80% | Up to 75% |
| 7 Year Fixed | 5.88% | Up to 75% |
| 10 Year Fixed | 5.93% | 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 September 2, 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 Missouri Apartment Loan Programs
As a broker we compare every program for your best-fit Missouri apartment financing:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.20% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.30% | 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.
2026 Missouri Apartment Loan Market
Missouri is the only state in the country whose two major apartment markets both spill across a state line, in opposite directions. Kansas City runs west into Kansas. St. Louis runs east into Illinois. That geography is not a curiosity, it is the single most practical thing to understand before financing a building in either metro, and it is set out further down this page.
Kansas City is growing faster. Average rent on the Missouri side reached about $1,360 as of August 2026, up 3.46% over the year, ahead of St. Louis at $1,443 and up 2.03%. Springfield, in the southwest, averaged $1,138 and grew 2.58%. All three figures cover professionally managed buildings of fifty units and up.
Basis is low and yields are correspondingly high. Cost per unit across Missouri sits well below the national average in all three markets, which means an apartment loan here is nearly always sized on debt service coverage rather than on loan to value. That puts the expense line at the center of the file. It also means the stock is old, particularly in St. Louis, where pre-war brick multi-family is a defining feature of the market and the property condition report carries real weight.
What Missouri does not have is a supply problem. Neither metro took the construction wave that hit Nashville, Austin or Denver, so there is no overhang to work off and no concession war to time. Growth in the 2% to 3.5% range across the state reflects genuine demand rather than a recovery off a depressed base.
Across Missouri we arrange apartment building loans from $1,500,000 through agency, bank, FHA and bridge programs. Rate and leverage follow the rent roll and the trailing twelve months of operating income, not your personal income.
Missouri Markets We Finance
Missouri has two large metros that each straddle a state line, plus a set of steady mid-sized cities. A Missouri apartment mortgage is structured to the metro, and in both big ones, to the correct side of the border.
Kansas City
The faster-growing of the two, at about $1,360 on the Missouri side as of August 2026 and up 3.46% over the year. Logistics, healthcare, engineering and a substantial federal employment presence give the metro a broader base than it is usually credited with, and downtown and midtown conversion activity has added modern product to a market that had little. Independence and the eastern suburbs offer a materially lower basis than the urban core. Agency, bank and credit union money all compete here, and Kansas City apartment loan rates on a stabilized building with a clean rent roll are as sharp as anywhere in the Midwest.
Kansas City apartment loans · Kansas City commercial · Independence
St. Louis
The larger Missouri market by inventory, at about $1,443 and up 2.03% over the year. Healthcare, biosciences, higher education and financial services anchor demand, with the university and hospital systems among the largest employers. The defining feature for a lender is the building stock: pre-war brick multi-family is everywhere here, much of it beautiful and much of it carrying a century of deferred systems. Roofs, tuckpointing, boilers and electrical service are priced into the property condition report rather than overlooked, and a documented capital plan is frequently worth more proceeds than a modest improvement in rate.
St. Louis apartment loans · St. Louis commercial
Springfield and southwest Missouri
Average rent of about $1,138 and up 2.58% over the year, on the lowest basis of the three markets and correspondingly high going-in yields. Healthcare, education, distribution and tourism from the Branson corridor support demand, and very little new construction competes with existing buildings. This is community bank, credit union and agency small-balance territory, as most of rural Missouri is.
Columbia, St. Joseph and the smaller cities
Columbia runs on the university and the hospital systems, which gives it occupancy patterns and turnover cycles unlike the rest of the state, and student-adjacent product is underwritten differently from conventional apartments. St. Joseph, Joplin and Jefferson City are steady, low-basis markets where a lender will look at several years of operating history rather than one strong trailing twelve.
Rent figures above are average asking rents across professionally managed buildings of fifty units and up as of August 2026. Where we do not yet have a dedicated apartment page for a Missouri city, the link goes to our commercial mortgage page for that market.
The State Line Problem, and Why It Matters to Your Loan
Both of Missouri’s major metros cross a state border, and a great many borrowers do not think about which side their building is on until an underwriter raises it. It affects three things directly.
Comparable sales. An appraiser valuing a building in Kansas City, Missouri may pull comparables from Johnson County, Kansas, where the product is newer, the rents are higher and the buyers are different. The same happens in reverse across the Mississippi in the Metro East. Neither is wrong, but the comparable set materially affects the valuation, and on a coverage-driven Missouri file a surprising appraisal can change the structure of the deal. It is worth asking early what geography the appraiser intends to use.
Property taxes and operating costs. Tax rates, assessment practice, insurance markets and utility structures all change at the state line, and two comparable buildings fifteen minutes apart can carry noticeably different expense loads. Because Missouri loans are sized on debt service coverage, that difference lands directly in the loan amount. Work from the actual parcel rather than a metro average, and if you are comparing an acquisition on one side against one on the other, compare the expense lines rather than just the cap rates.
Which set of rules applies. Landlord and tenant law, notice periods, security deposit rules and any local ordinances are set by the state and municipality the building sits in, not by the metro. An owner running a portfolio on both sides of the Kansas City line is operating under Missouri rules and Kansas rules at once, which is manageable but worth knowing before you buy rather than after.
One practical note on our own pages: our Kansas City pages cover the Missouri side of that metro. Overland Park, Olathe and the Johnson County suburbs are covered on our Kansas apartment loans page, which is a genuinely different market with different taxes and different comparables.
Refinancing a Missouri Apartment Building
Missouri refinances are decided by the expense line and the building rather than by market timing, because there is no supply cycle to wait out. That makes them more predictable than files in most of the country right now.
Start with the rent roll and the trailing twelve. Proceeds are sized on in-place income, and because basis is low across the state, sizing is nearly always coverage-driven rather than value-driven. Every dollar of operating expense goes straight into the loan calculation, so go through the statements yourself before sending them and be ready to explain anything unusual.
Then the building, especially in St. Louis. Pre-war brick multi-family carries specific costs that lenders know to look for: tuckpointing, roof condition, boiler age, electrical capacity and window condition. None of it is a reason a building will not finance, but all of it is priced. Owners who arrive with three clean years of operating statements and a funded capital schedule consistently out-borrow owners with an identical building and a thin file.
Then the appraisal question. In either big Missouri metro, ask early what comparable set the appraiser intends to use and whether it will cross the state line. On a coverage-driven file it will not usually be the binding constraint, but it is better known than discovered.
Then the note. Confirm the maturity date and whether prepayment is yield maintenance, a step-down or open, and start six to nine months ahead of a balloon so there is room to shop more than one lender rather than accept an extension. Cash-out is available on most programs where the equity supports it and coverage holds.
Send the rent roll and the trailing twelve and we will underwrite the building the way the lender will, then come back with written options inside 48 hours at no cost. Missouri apartment loans start at $1,500,000, whether it is a sixteen-unit brick building in St. Louis or a garden complex outside Kansas City.
Missouri Multifamily Financing
Apartment loan and multifamily loan describe the same debt: financing on a building with five or more residential units. We arrange it across Missouri, from a small brick walk-up to an institutional garden portfolio, and the terminology has no bearing on the underwriting.
In Missouri, loan size decides who competes. Because basis here is low, a great many buildings here sit in the range where regional banks, credit unions and the agency small-balance programs are sharpest, and where local knowledge of the submarket and the tax jurisdiction is worth as much as a pricing sheet. Larger balances open the field to Fannie Mae, Freddie Mac, FHA, life companies and CMBS, and multifamily loan rates there are often tighter because the loan is big enough to securitize, at the cost of a heavier package: full appraisal, property condition report, environmental review, and sizing driven by net operating income, debt service coverage and debt yield.
Missouri multifamily lenders concentrate on the condition of older stock and on which jurisdiction the building sits in. Have both documented before you apply. Send the rent roll and the trailing twelve months and we will tell you which multifamily lenders are sharpest on your property, and what multifamily financing looks like at that size.
Missouri Apartment Loan Types We Serve
We arrange financing across Missouri for:
- Urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and rental properties
- Mixed-use and other multifamily property
Apartment Loans Across Missouri
We arrange apartment loans throughout Missouri, not only in the metros above. Columbia, St. Joseph, Joplin, Jefferson City and Cape Girardeau are financed through the same agency, bank and credit union programs, and Columbia in particular carries university and healthcare demand that does not track the wider state economy.
For larger balances see our Missouri multifamily loans. For office, retail, industrial and owner-occupied property see Missouri commercial mortgages, and nationwide we lend in most major U.S. cities.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Other Property & Loan Types We Finance in Missouri
As a full-service commercial mortgage broker, we arrange Missouri financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
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 Missouri Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Missouri 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