Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Agency Loan Program
Freddie Mac Large Balance Multifamily Loans
Freddie Mac’s large balance program, the standard Conventional execution for institutional multifamily, provides competitive financing for stabilized apartment properties generally from $10 million and up. It offers non-recourse loans, up to 80% LTV, fixed terms of 5 to 15 years, floating and float-to-fixed options, and Index Lock for qualifying sponsors. Compare today’s commercial mortgage rates.
Get a Free QuoteFreddie Mac Large Balance Rates & Terms
Rates updated as of August 19, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.81% | 80% |
| 7 Year Fixed | 5.86% | 80% |
| 10 Year Fixed | 5.85% | 80% |
| 12 Year Fixed | 5.95% | 80% |
| 15 Year Fixed | 6.00% | 80% |
- Loan amounts from $10,000,000, no maximum
- Fixed 5, 7, 10, 12 or 15 year terms
- Up to 80% LTV, minimum 1.25x DSCR
- Amortization up to 30 years
- Non-recourse with standard carve-outs
- Fixed, floating and float-to-fixed; Index Lock available
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.
Freddie Mac Large Balance at a Glance
| Feature | Detail |
|---|---|
| Loan size | $10,000,000 and up, no maximum |
| Fixed-rate terms | 5, 7, 10, 12 or 15 years |
| Maximum LTV | Up to 80% |
| Minimum DSCR | 1.25x |
| Amortization | Up to 30 years |
| Recourse | Non-recourse with standard carve-outs |
| Structures | Fixed, floating and float-to-fixed; Index Lock available |
How the Freddie Mac Large Balance Program Works
Freddie Mac Large Balance is the standard Conventional execution for institutional multifamily, generally used for loans above $10 million. It is one of the lowest-cost sources of long-term, non-recourse capital for stabilized apartment properties nationwide.
- Loans from $10,000,000 with no maximum, for stabilized 5+ unit multifamily properties
- Fixed-rate terms of 5, 7, 10, 12 or 15 years, priced as US Treasury plus a spread
- Fixed, floating and float-to-fixed structures, with Index Lock and early rate-lock options for qualifying sponsors
- Up to 80% LTV on purchases and 75% on refinances, with a minimum 1.25x debt-service-coverage ratio
- Amortization up to 30 years
- Non-recourse with standard bad-boy carve-outs, so no personal guarantee of payment is required
Interest-Only, DSCR & Prepayment
- Debt-service coverage: a minimum 1.25x DSCR, quoted deal by deal. Full-term interest-only is available at lower leverage, and partial-term interest-only is common on large-balance executions.
- Leverage: up to 80% LTV on acquisitions and 75% on refinances, subject to DSCR and debt-yield tests, market and property type.
- Prepayment: standard structure is yield maintenance or defeasance during the term, with a step-down alternative available at additional cost, and no prepayment premium during the final 90 days.
Why Freddie Mac Large Balance Leads on Big Multifamily
For stabilized, institutional-quality apartments, Freddie Mac generally offers among the lowest long-term fixed rates and the most reliable non-recourse execution in the market. The 2026 FHFA cap set Freddie Mac’s multifamily purchase authority at $88 billion, with at least half required to support mission-driven affordable housing, keeping low-cost agency capital available for large-balance borrowers. The addition of 12 and 15 year fixed terms gives owners more ways to match financing to their hold period and rate outlook.
Get Expert Guidance on Your Freddie Mac Large Balance Loan
With more than 30 years of experience and relationships across agency, bank, life-company and CMBS lenders, we structure large-balance Freddie Mac requests for the best execution and compare them against every other option. There are no upfront application or processing fees, and we issue written pre-approvals within 48 hours at no cost or obligation.
What Our Clients Say
“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“I found selectcommercial.com and saw they specialized in apartment building loans. In the end, they were by far the best company I have used. Next time I know who to call first.”
Jerry T. · Long Island, NY“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“As a real estate attorney, I trust that Select Commercial will deliver apartment building loans and commercial mortgages in a timely manner. The rates and terms offered are excellent. I heartily recommend them.”
David S. · New York CityGet Your Freddie Mac Large Balance Quote
No cost, no obligation. Written answers within 48 hours on large-balance multifamily loans.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up