Lubbock, Texas
Lubbock Apartment Loans in 2026
Texas Tech reported 45,812 students as fall 2026 classes began, so Lubbock apartment loans are weighed against that campus, Covenant Health System's payroll and a median rent 1.3% above last year's (Apartment List). Loan sizes begin at $1,500,000 and leverage can reach 80% LTV; a stabilized property may open at 6.14%, and our rate sheet by program covers the rest. Bigger complexes are covered by Texas multifamily loans; buildings elsewhere in Texas, by Texas apartment loans. Banks, both agencies, FHA lenders, CMBS shops and bridge investors quote, and we compare them before naming a lender; borrowers pay us no application or processing fee.
Get a Free QuoteLubbock Jobs Up 0.7% After HUD Called the Rental Market Soft
September 2026 brought 175,700 nonfarm jobs to the three-county Lubbock metro, a preliminary, unadjusted BLS count 0.7% above the prior September, after 0.2% annual growth in April. Over the year, payrolls in professional and business services climbed 3.4%, and the education and health services count rose 1.2%; information slipped 5.9% and financial activities 1.2%. Lubbock itself had an estimated 273,071 residents on July 1, 2025, 6.2% more than its 2020 base, and owners held 51.2% of occupied homes in 2020 to 2024 (Census Bureau).
HUD's December 1, 2024 market analysis judged rentals soft, citing CoStar Group's third-quarter 2024 metro apartment vacancy of 13.0%, compared with 11.4% twelve months earlier. Rental permits fell 44% to roughly 330 units in the 12 months through November 2024, and HUD's three-year forecast found no demand for new rental units.
Lubbock Rent Data, Enrollment and Employer Headcounts
Apartment List's October 2026 report has Lubbock's median at $1,196, which eased 0.7% during September and is 1.3% higher on a 12-month basis, ahead of the report's Texas figure (-2.1%). RentCafe's average, drawn from every Lubbock property of at least 50 units, reached $1,154 by September 30, 2026; twelve months before, it stood at $1,133, so the gain was 1.85%.
Texas Tech's enrollment of 45,812 is up more than 3,859 from a year before, and Fox34 reported in August that the university was 1,000 beds short of on-campus demand. HUD's employer table, from the City's fiscal 2023 popular annual financial report and excluding school districts, opens with Covenant Health System (5,845), Texas Tech (5,588) and University Medical Center (4,090). Leprino Foods began the first phase of a $1 billion cheese plant just outside the East Loop in January 2025, when 600 jobs were expected by 2026. Lenders weigh those payrolls when sizing a Lubbock apartment loan.
Lubbock Apartment Loan Rates
Rates updated as of October 27, 2026
Two Lubbock items pull a quote away from these opening numbers for a stabilized property: the wind and hail deductible on its insurance, and a 2026 tax bill with a higher City rate.
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.54% | Up to 80% |
| 7 Year Fixed | 6.57% | Up to 80% |
| 10 Year Fixed | 6.61% | Up to 80% |
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
See Lubbock Multifamily Rates Over $6 Million, Starting at 6.14%
Rates last updated October 27, 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.
Lubbock Neighborhoods by the City's Association Map
The City's public GIS maps 43 neighborhood associations. Arnett Benson, one of Lubbock's older neighborhoods, just north of Texas Tech, was in the third month of a year-long City study under the 2040 comprehensive plan in June 2026, KCBD reported. Texas Tech plans a parking garage near 19th Street and University Avenue, where the most destructive of the 1970 tornadoes touched down. RentCafe's September 30, 2026 averages include $1,359 in Shadow Hills, $1,177 in Arnett Benson and $823 in Wester, first on its most-affordable list. Wolfforth, Shallowater and Ransom Canyon are separate municipalities.
Neighborhoods on the City's map where we finance apartments include:
- Tech Terrace
- Heart of Lubbock
- North Overton
- South Overton
- Arnett Benson
- Guadalupe
- Maxey Park
- Clapp Park
- Wheelock & Monterey
- Bowie
- Wester
- Preston Smith
- Stubbs-Stewart
- Carlisle
- Shadow Hills
- Regal Park
- Raintree
- Remington Park
Lubbock Apartment Loan Terms by Capital Source
Bed-leased student buildings, older garden properties and new lease-ups suit different capital, so Lubbock apartment loans are tested against each program below:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.54% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.60% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.74% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
A Lubbock property's net operating income must reach 1.25 times its debt service, the usual minimum, even after a City tax rate that rose for 2026. Larger requests continue on Texas multifamily loans.
Rates last updated October 27, 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.
Appraisal Bills, Retail Power, Hail and Courthouse Sales in Lubbock
LCAD appraises and bills. The Lubbock Central Appraisal District mailed 2026 tax statements on October 23. The City Council adopted a 2026 rate equal to the no-new-revenue rate plus 3.2 cents for meet-and-confer agreements (2025: 47.2191 cents). Lubbock County adopted a 32.7425-cent no-new-revenue rate for 2025 and proposed 32.2782 cents for 2026, and Lubbock ISD trimmed its 2025-26 rate by nearly four cents.
School votes and the circuit breaker. Lubbock-Cooper ISD's board approved a rate a little under $1.20 per $100, which goes to voters on November 3, 2026. Tax Code 23.231 holds annual growth in appraised value to 20% plus new improvements for non-homestead real property that qualified under an indexed ceiling ($5 million in 2024) and that its owner held on January 1 of the prior tax year. The section expires December 31, 2026.
Power from a retail provider. Lubbock Power & Light connected the last 30% of its system to the ERCOT grid on December 11, 2023, and now owns and maintains the wires while retail providers sell the power; its home page reads "Journey to Competition Officially Completed." The FY 2026-27 budget ordinance also revised City water base and volume rates and solid waste fees.
Hail, wind and the 1970 tornado. On June 5, 2025, a National Weather Service survey found hail up to tennis-ball size within city limits and widespread damage to homes and businesses in western and southwestern Lubbock, and a 71 mph gust was measured six miles south of town. Lubbock's F5 tornado on May 11, 1970 killed 26 people, demolished 600 apartment units and inspired Texas Tech's Wind Science and Engineering Research Center. If a building falls in one of FEMA's A or V high-risk zones, flood insurance becomes mandatory once its mortgage involves federal backing or a lender under federal regulation; federal flood coverage for a building of five or more families stops at $500,000.
State limits and the county courthouse. A Texas city may adopt rent control only after its council finds a disaster-caused housing emergency and the governor approves (Local Government Code 214.902). Property Code 51.002 allows a deed-of-trust auction on a month's first Tuesday, from 10 a.m. to 4 p.m., at the courthouse area Lubbock County commissioners designate, after at least 21 days' notice. Rentals of under 30 consecutive days need an annual City permit, $100 when Ordinance 2019-00127 created it.
Financing Options in Lubbock
Lubbock collateral sorts into the cards below, each tied to a different lender pool:
Amarillo, Midland, Abilene and every other Texas market fall under Texas apartment loans.
Lubbock Refinancing With New Tax Rates, Retail Power and Storm Deductibles
A Lubbock refinance closing before mid-2027 is underwritten on the 2026 statements the appraisal district began mailing October 23, with Lubbock-Cooper ISD bills following its November 3 election. For buildings under the indexed ceiling, 2027 notices arrive after the 20% circuit breaker expires, so we rerun debt-service coverage against a possibly larger tax line.
Lenders size income on actual collections, and student properties should bring current preleasing; expect questions on roof age, claims since the June 2025 hail, the size of the wind and hail deductible, plus the common-area electricity contract.
Lubbock Apartment Building Loans by Tenant Base and Building Type
HUD found 38% of the metro's renter households in structures with at least five units in 2019 to 2023, and 42% in single-family homes. RentCafe's September 2026 averages for Lubbock's 50-plus-unit buildings span $765 (studio) to $1,489 (three-bedroom). Properties we lend on:
- Student housing near Texas Tech, leased by the unit or the bed
- Garden-style apartment complex communities
- Small five-plus-unit buildings in older neighborhoods
- Workforce housing for hospital and campus employees
- Affordable and tax-credit properties
- Newer communities finishing lease-up
How Fannie Mae, Freddie Mac, FHA and Conduits Price Lubbock Multifamily Loans
Once a Lubbock complex passes small-balance size, Freddie Mac and Fannie Mae tend to lead, lending as much as 80% LTV over terms that can stretch to 30 years; outside the standard carve-outs, the borrower carries no personal liability. HUD's FHA loans run the longest amortization: the FHA risk-sharing term sheet Fannie Mae publishes lets a fully amortizing loan run up to 40 years. On a CMBS loan there is no recourse, and a bank can tailor terms, often with recourse.
Student properties get their own review; HUD tracked The Wyatt, a 734-bed student community, under construction in late 2024. Structures are laid out on Texas multifamily loans; the agency menus differ, so read Freddie Mac alongside Fannie Mae.
Other Lubbock Collateral: Medical Offices, Retail Strips, Hotels and Warehouses
Lubbock clinics, storefronts, hotels and warehouses are shopped across banks, conduits and private lenders the way apartments are:
Nearby Apartment Loan Markets
Each Texas city below has its own page; the last two links cover the whole state and other U.S. markets:
Houston · Dallas · Austin · San Antonio · El Paso · Plano · Arlington · Fort Worth · All Texas · Other U.S. cities
Recent Apartment Loan Closings
Competing lenders quoted every loan pictured below before its borrower chose terms; Texas is represented, though no Lubbock property is.
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 Lubbock Apartment Loan Quote
Assemble the rent roll, marking bed-by-bed leases, the last twelve months' income and expenses, the 2026 appraisal district notice and tax statement, insurance declarations with the wind and hail deductible, claims since June 2025, a flood zone determination and the common-area electricity contract.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up