Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Indianapolis, Indiana
Indianapolis Apartment Loans in 2026
Select Commercial specializes in Indianapolis apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 6.16% and up to 80% LTV. For properties elsewhere in the state, see our Indiana apartment loans; for loans over $6 million, see Indianapolis multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Indianapolis
Indianapolis apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Indiana apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Indianapolis Apartment Loan Rates (Under $6 Million)
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Apartment 5 Year Fixed | 6.16% | Up to 80% |
| Apartment 7 Year Fixed | 6.14% | Up to 80% |
| Apartment 10 Year Fixed | 6.16% | Up to 80% |
- Rates as low as 6.16% on Indianapolis apartment loans
- Up to 80% LTV on apartment financing
- Terms and amortizations up to 30 years
- Purchase and refinance, including cash-out
- No upfront application or processing fees
- 48-hour written pre-approvals, no cost or obligation
Rates last updated August 7, 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 Indianapolis Apartment Loan Programs
As a broker, we compare every program to find your best-fit Indianapolis 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 Indianapolis multifamily loans.
2026 Indianapolis Apartment Loan Market: Growing Communities and Commercial Development Boost Performance
Indianapolis pairs strong employment growth with net in-migration among the highest in the Midwest in 2026, boosting apartment performance. Suburban expansion and core resilience define the outlook as a broad pullback in groundbreakings takes hold.
Employment
Indianapolis will add 12,000 jobs in 2026, driven by expansions in healthcare and professional services, with an employment growth rate that ranks fifth among major markets.
Construction and supply
Deliveries fall below the long-term average as inventory growth slows to 1.1%, roughly 2,100 units, with Hamilton County submarkets continuing to receive an outsize portion of new supply.
Vacancy
For a third straight year, renter demand exceeds supply, producing moderate vacancy compression to 4.2% in 2026, on par with nearby Cleveland and Columbus.
Rent trend
The mean effective rent will rise to $1,355 per month, up about 2.1%, though the year-over-year pace is less than half the prior decade's average of 5.6%.
2026 Indianapolis forecast at a glance:
- Employment: about 12,000 new jobs
- Construction: about 2,100 units, inventory growth of 1.1%
- Vacancy: around 4.2% by year-end
- Rent: about $1,355 per month, up roughly 2.1%
Indianapolis Multifamily Loans (Over $6 Million)
For larger Indianapolis 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 Indianapolis 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.
Indianapolis Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Indianapolis 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 Indianapolis
As a full-service commercial mortgage broker, we arrange Indianapolis financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Indianapolis Neighborhoods We Serve
Select Commercial provides apartment loans throughout Indianapolis, Indiana and the surrounding area, including:
- Broad Ripple
- Fountain Square
- Mass Ave
- Meridian-Kessler
- Irvington
- Lockerbie Square
- Fletcher Place
- Herron-Morton
- Butler-Tarkington
- Fall Creek Place
- Garfield Park
- SoBro
- Bates-Hendricks
- Woodruff Place
- Chatham Arch
- Wholesale District
- Downtown Indianapolis
- Cottage Home
For other cities in the state, see Indiana 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 Indianapolis Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Indianapolis 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