Las Vegas Apartment Loans
Loans from $1 Million to $25 Million+

Las Vegas Apartment Loan Rates - Rates updated September 25th, 2022

Las Vegas Apartment Loan Rates Over $6,000,000 Rates (start as low as) LTV
Apartment 5 Year Fixed Loan Rates 5.37% Up to 80% Get Free Quote
Apartment 7 Year Fixed Loan Rates 5.12% Up to 80% Get Free Quote
Apartment 10 Year Fixed Loan Rates 5.08% Up to 80% Get Free Quote
Las Vegas Apartment Loan Rates Under $6,000,000 Rates (start as low as) LTV
Apartment 5 Year Fixed Loan Rates 5.47% Up to 80% Get Free Quote
Apartment 7 Year Fixed Loan Rates 5.22% Up to 80% Get Free Quote
Apartment 10 Year Fixed Loan Rates 5.18% Up to 80% Get Free Quote
Las Vegas Apartment Building Las Vegas
Apartment Loan

Select Commercial has excellent Las Vegas Apartment loan products and options available for owners and purchasers of multifamily properties throughout the city of Las Vegas. 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. Las Vegas is one of the cities that we consider to be a premium market 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 Las Vegas NV 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. If you are looking to purchase or refinance an apartment building, don't hesitate to contact us. For more information on multifamily loans, check out how to get the best rate on a multifamily loan and how to get the best rates on an apartment refinance.

Las Vegas Apartment Loan Benefits

Las Vegas Apartment Loan rates start as low as 5.08% (as of September 25th, 2022)
• A commercial mortgage broker with over 30 years of lending experience
• No upfront application or processing fees
• Simplified application process
• Up to 80% LTV on multifamily financing 
• Terms and amortizations up to 30 years 
• Multifamily 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
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Apartment Loan Basics

Las Vegas Apartment Loan Types We Serve

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

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

 

Apartment Loans - Lending Options

Las Vegas Apartment Loan Helpful Articles

How to Get the Best Rate on a Multifamily Loan
Fannie Mae and Freddie Mac 2022 Update
How To Get The Best Rates On An Apartment Refinance
What Do Underwriters Look for When Evaluating Apartment Loans?
What You Need to Know About Freddie Mac SBL Multifamily Loans
How to Calculate Debt Service Coverage Ratio for Apartment Loans
Apartment Occupancy Levels – Concern in Some Major US Markets
How to Invest in an Apartment Building
Are You Shopping for an Apartment Building Loan?
How to Buy an Apartment Building
What Are Commercial Mortgage Lenders Looking for These Days
Uncomplicated Underwriting
How to Qualify for a Great Rate When Refinancing Your Apartment Building

Recent Closings

Las Vegas Vacancy and Rents Las Vegas Rent and Sales Trends

2022 Las Vegas Apartment Loan Outlook

National Buyers Very Active in Southern Submarkets as Strong Economic Growth Drives the Market

Very low vacancy rates exist in all apartment classes. A record setting amount of new apartments were rented in 2021 as Las Vegas’ lower cost of living (as compared to the West Coast) drew in new residents and caused a strong rate of household formation. Continued strong and diverse job creation in 2022 is expected to expand the market’s population and keep up demand in all rental classes. The strong growth of in the industrial sector will increase the number of trade, transportation and utilities employees, renters that historically rent Class B and C apartment units. The expected resumption of conferences and conventions by this summer is expected to continue to create demand for lower- and mid-tier apartments as the number of leisure and hospitality jobs increases. Hiring levels by traditional office-using companies in 2021 suggests the number of higher-paying jobs will reach a pre-Covid level in 2022. Class A apartment properties are expected to benefit, as new construction is not prevalent throughout the market. Of the apartment units expected to be completed in 2022, approximately two-thirds are in Spring Valley and neighboring Sovana. Small areas of new development suggest that new construction will not cause any oversupply in the market, enabling Las Vegas to continue to boast the lowest vacancy rates in the mountain region.

Luxury areas are expected to grab a larger portion of sales volume. The strong rise in sales prices for Las Vegas apartment buildings is not slowing down the pace of transactions. Instead, the number of active buyers has grown as very low vacancy rates in all apartment classes and high rates of return are increasing bidding activity. National investors, many from nearby California, are looking for apartment properties in Southwest Las Vegas and Henderson. These areas are seeing the highest amount of multifamily growth and are seeing some of the highest rents in the area. Additionally, Class A and B apartment unit vacancy rates in both of these areas is below the market average. Increased buyer competition for apartment properties in Class A and Class B should increase the number of apartment buildings that sell at high-3% to low-4% cap rates in 2022.

2022 Apartment Market Forecast and Las Vegas Apartment Loan Economics

Las Vegas has a National Multifamily Index rating of 2. Population growth in Las Vegas with new residents is causing the recovery in the service sector.

Employment is up 6.1%. Las Vegas firms will add 60,000 new jobs in 2022 as the Las Vegas rate of employment exceeds the national average.

New construction expected to add 3,300 apartment units. The number of new apartments added in 2022 will be on pace with the previous 5-year average of 3,300 units, resulting in an expansion of inventory of approximately 1.5%.

Vacancy is down by 20 basis points. The market’s lower cost of living creates strong demand for apartments in 2022. Vacancy rates are expected to decline for a 10th straight year to a record low of 2.2%.

Apartment rents are up 7.2%. After 2021’s double-digit increase, the average rent in Las Vegas increases by approximately 7% in 2022. Las Vegas’ 2022 year-end rate of $1,480 per month will rank lowest among Mountain markets.

Investment in Las Vegas apartments. Investors show confidence in the outlook for mid-level apartments as more investors seek to purchase Class B properties. High on the list are apartments of 75 or more units, causing a large number of $10 million-plus sales.

Las Vegas apartment loan rates will start to increase in 2022 as the Federal Reserve starts raising rates to slow the rate of inflation. We will be watching to see if Las Vegas apartment loan rate increases will affect market activity in 2022.

All data provided by Marcus and Millichap

2021 Las Vegas Apartment Market and Trends

After the Covid- 19 pandemic, the Las Vegas multifamily market is beginning to recover in 2021. Employment is expected to increase 6.6 percent this year. That is an increase of 60,000 jobs in 2021 which should offset a significant number of jobs lost during the pandemic. About 3,200 new units are set to be completed in 2021. This amounts to about 1.5 percent of the current inventory. Vacancy rates in Las Vegas are expected to decrease in 2021. They should come down about 3.3 percent, or 20 basis points. With vacancy rates going down, rents are expected to increase 10.6 percent in 2021. The average effective rent in 2021 should hit $1,275 per month. As vaccine rollouts continue in 2021 and the economy continues to open up, the multifamily market in 2021 should continue to heat up.

- Data provided by Marcus and Millichap

2021 Multifamily Outlook

  • Employment in the US is expected to show a 4.6% year over year increase with the creation of 6.5 million new jobs in 2021 which represents the largest annual increase in over three decades.  This is the result of businesses emerging from the Covid-19 pandemic.  Unfortunately, the US lost close to 9.4 million jobs during the pandemic.
  • Strong demand for apartments, as a result of increased employment rates, is expected to push national vacancy rates down to 3.9%, down from 4.4% in 2021.
  • Construction of new apartments in 2021 are expected to top 385,000 new units, an increase of 2.1% over last year’s record pace.  Rising labor and construction costs are starting to have an effect on new construction, however.
  • Following rent declines during the pandemic, average rental rates are expected to rise 6.8% in 2021 to $1,507 per month.  Landlords are able to raise rents dramatically due to decreased vacancy rates and the strong demand got rental housing.
  • The COVID-19 pandemic affected the ability of young graduates to find jobs and move into apartments of their own.  The demand for apartment rentals is usually fueled by young graduates entering the workforce and moving into rental apartments.  Many young adults lived with their parents or friends during the pandemic and into early 2021.  As 2021 progressed, many companies reopened their offices and began hiring again which generated record levels of new apartment rentals.  This trend should continue through late 2021 as more new workers are able find jobs and move into their own apartments.  Many of these new multifamily units are in metro areas of the sunbelt states as workers have been moving out of colder urban areas in favor of more suburban warmer climates.

    The tight market in 2021 for new home purchases has caused many would be homebuyers to continue renting.  Prices for existing homes have risen due to lack of inventory and the cost of construction has skyrocketed due to increased costs for raw materials.  The high cost of purchasing a new or existing home is keeping the demand for rental units very strong in 2021.

    During the pandemic, when workers were either out of work or working from home, many people moved out of densely populated urban areas in favor of suburban locations.  In 2021, as more employees are returning to their offices, we are seeing demand pick up once again for rental apartments in urban locations.  In addition, as more and more retail and dining locations reopen in downtown areas, we expect to see a return of employees to these areas.

    During the pandemic, the CDC and local governments instituted a moratorium of evictions.  This caused many landlords to suffer economic losses and depressed the value of apartment properties.  In 2021, as these moratoriums start to expire, we expect to see strong demand from investors for these properties.

    Nationwide, the first half of 2021 saw more than 175,000 new apartments completed and a total of 363,000 for the previous 12 months.  A high percentage of these new units were in Texas and other sunbelt states, as more and more people are relocating to warmer climates.  Occupancy rates and asking rents have been lower in larger urban markets in the Northeast and other colder climates, while occupancy rates and asking rents have been increasing in these warmer sunbelt climates.  These 2021 trends have definitely been driven by the COVID-19 pandemic and we are watching these trends closely to see if these trends persist after the pandemic is over. Check out our low commercial real estate loan rates and use our commercial mortgage calculator to calculate monthly principal and interest.

    What Happened with Apartment Loans in 2020

    Las Vegas Economic Trends Las Vegas Economic Trends

    Rapid Growth of Las Vegas Drives Housing Demand and Keeps the Valley on Investors’ Radar

    Wave of new residents bolsters Las Vegas apartment rental demand. Migration to rapidly transforming late-recovery markets in the nation’s Sunbelt remains a predominant trend moving into 2020, showcased by the more than 130 people joining the Las Vegas Valley every day. Job growth remains stable in the market, not only from gaming and tourism industry expansion but from a flourishing startup scene, multifamily housing construction and the metro’s emergence as a regional logistics hub. Single-family home values have risen in step with the expanding economy. The cost to purchase combined with many choosing to rent apartments instead of owning is fueling demand for rental housing. Nearly 13,000 apartments have been built over the past five years, while more than 5,000 multifamily units work their way through the pipeline over the next few years. Developers continue to place greater focus on the areas of Henderson and Southwest Las Vegas for their attractiveness to higher-income earners, with many new apartment complexes competing on extensive amenity packages. Investors looking to purchase property in Las Vegas should definitely look into taking out an apartment loan to finance their acquisition.

    Upside potential and favorable pricing draw capital to the Valley. Elevated apartment occupancy and robust multifamily rent gains are resulting in strong cash flows, fueling investor appetite and boosting liquidity in the multifamily sector. Las Vegas continues to be an attractive apartment investment opportunity with going-in cap rates that average in the mid-5 percent territory along with strong equity returns potential. The average price per multifamily unit rose at a double-digit pace last year, while still providing buyers entry-level options. A wave of new apartment complexes in recent years has motivated institutional groups to deploy capital in Spring Valley, Henderson and the South Las Vegas area, where Class A multifamily properties trade with cap rates near 5 percent. Higher-yielding assets attract private investors to the Strip and Central Las Vegas, where an abundance of older Class C apartment assets provide value-add opportunities and demand is greatest for workforce housing. Las Vegas is a great market for investors to finance their next apartment purchase with a multifamily loan.

    2020 Las Vegas Apartment Market Forecast

    Las Vegas Completions vs. Absorption Las Vegas Completions vs. Absorption

    The Las Vegas National Multifamily Index Rank is at 22, up 5 places. Strengthening operations and cap rates above the U.S. average lift Las Vegas in this year’s Index.

    Employment in Las Vegas is up 1.6%. Employers add 16,500 workers to company payrolls this year, down from the 2.3 percent expansion posted in 2019.

    Construction in Las Vegas is expected to exceed 4,200 apartment units. Deliveries in 2020 reach their highest level since 2009 and surge past the 1,700 apartments built last year.

    Vacancy in Las Vegas is down 10 bps. Tenant demand holds strong amid robust construction activity, compressing the vacancy rate to 4.2 percent after falling 40 basis points in 2019.

    Rent in Las Vegas is up 6.7%. Annual effective rent growth remains above 5 percent for the seventh straight year, though it trails the 8.7 percent gain recorded last year as more units were completed.

    Investment opportunities in Las Vegas remain strong for those looking to finance their next purchase with an apartment loan. Investor activity will also move to north of the metro where assets trade with initial cap rates in the mid-5 percent to mid-6 percent range. We highly recommend any investors looking to buy in the Las Vegas market to reach out to us regarding a multifamily loan.

    Data provided by Marcus & Millichap.

    Las Vegas Vacancy and Rents Las Vegas Vacancy and Rents

    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.

    Las Vegas Apartment Loan Options

    Las Vegas Freddie Mac Apartment loans

    Las Vegas Freddie Mac Multifamily Loans provide mortgage capital in the secondary market for apartment building loans. Together, Fannie Mae and Freddie Mac control a very large portion of the multifamily loan market. Freddie Mac has a very aggressive program for small balance apartment 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.

    Freddie Mac Loan and Rate Information


    Las Vegas Fannie Mae Apartment loans

    The Las Vegas Fannie Mae multifamily loan platform is one the leading sources of capital for Las Vegas 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 apartment 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).

    Fannie Mae Loan and Rate Information


    Las Vegas FHA HUD Multifamily Loans

    HUD (Department of Housing and Urban Development) and FHA (Federal Housing Administration) insured multifamily loans are some of the best financing options for real estate investors and developers. While HUD does not directly make these loans, they do insure multifamily loans made by third party lenders to real estate investors. The third party lender will process the loan in accordance with the FHA HUD guidelines and HUD will underwrite the loan in order to provide the insurance. There are two primary types of HUD insured loans that multifamily investors can take advantage of.

    Learn More About FHA HUD Multifamily Loans

    Las Vegas Apartment Lending with Banks and Other Programs

    While the agencies (Fannie Mae, Freddie Mac and HUD) 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:

    • Las Vegas Multifamily 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 apartment loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

    Las Vegas Apartment Building Loans

    Select Commercial provides Apartment Loans and multifamily loans throughout Las Vegas, Nevada including, but not limited to, the areas below.


    Henderson • Las Vegas • Reno