Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Memphis, Tennessee
Memphis Apartment Loans in 2026
Select Commercial specializes in Memphis 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 Tennessee apartment loans; for loans over $6 million, see Memphis multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Memphis
Memphis apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Tennessee apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Memphis 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 Memphis 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 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 Memphis Apartment Loan Programs
As a broker, we compare every program to find your best-fit Memphis apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.16% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.14% | Up to 80% | $1M to $7.5M small balance |
| FHA / HUD | 6.16% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.74% | 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 Memphis multifamily loans.
2026 Memphis Apartment Loan Market: Memphis Multifamily Steadies as New Supply Eases
Memphis enters 2026 on firmer footing after a stretch of elevated deliveries kept a lid on rents and occupancy. With the construction pipeline thinning sharply and demand slowly recovering, the metro is shifting from oversupply toward a more balanced apartment market. Affordability and a central logistics economy continue to anchor long term rental demand across the region.
Employment
The Memphis metro supports roughly 652,000 nonfarm jobs, essentially flat over the past year as modest gains in logistics and health care were offset by softness in government and some goods producing sectors. The area's role as a national distribution and freight hub keeps its employment base steady even amid slow overall growth.
Construction and supply
Apartment deliveries reached about 2,154 units in 2025, but the pipeline has thinned considerably, with units under construction falling to roughly 765 by year end 2025 and new completions projected to drop to around 456 units in 2026. This sharp pullback in new supply should reduce lease up competition across the metro.
Vacancy
Average occupancy stood near 85.7 percent at the close of 2025, leaving a vacancy rate of roughly 14 percent, well above the national norm and among the higher readings of large US metros. Vacancy is expected to tighten gradually as new deliveries slow.
Rent trend
The average effective rent finished 2025 at about 1,163 dollars per month, up a muted 0.3 percent year over year. Rents are projected to hold near 1,165 dollars in 2026 as a lighter delivery schedule supports steadier pricing.
2026 Memphis forecast at a glance:
- A shrinking construction pipeline should ease supply pressure and support firming occupancy through 2026
- Rent growth is likely to stay modest in the near term before accelerating as vacancy tightens
- Affordability relative to national averages should continue to attract and retain renters
- The metro's logistics and distribution base provides a stable foundation for long term apartment demand
Memphis Multifamily Loans (Over $6 Million)
For larger Memphis 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 Memphis 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.
Memphis Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Memphis 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 Memphis
As a full-service commercial mortgage broker, we arrange Memphis financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Memphis Neighborhoods We Serve
Select Commercial provides apartment loans throughout Memphis, Tennessee and the surrounding area, including:
- Downtown
- Midtown
- Cooper-Young
- Overton Square
- Central Gardens
- East Memphis
- Harbor Town
- Cordova
- Whitehaven
- Frayser
- Raleigh
- Hickory Hill
- Orange Mound
- Binghampton
- South Memphis
- Berclair
- Vollintine-Evergreen
- Uptown
For other cities in the state, see Tennessee 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 Memphis Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Memphis 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