California · Over $6 Million
California Multifamily Loans
Select Commercial arranges California multifamily loans, with rates as low as 6.40%, up to 80% LTV and non-recourse agency options. We compare Fannie Mae, Freddie Mac, FHA/HUD and CMBS. For loans under $6 million, see California apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in California
California apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See California apartment loans and California commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
California Multifamily Loan Rates
Rates updated as of September 30, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.80% | Up to 80% |
| 7 Year Fixed | 6.84% | Up to 80% |
| 10 Year Fixed | 6.84% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.40% | Up to 80% |
| 7 Year Fixed | 6.44% | Up to 80% |
| 10 Year Fixed | 6.44% | Up to 80% |
- Streamlined underwriting for institutional multifamily
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
Rates last updated September 30, 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.
California Apartment Buildings Under $6 Million
Not every California apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit California apartment properties from $1,500,000 to $6 million, see our California apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare California Large-Balance Programs
As a broker we place your large-balance California multifamily loan with the right capital source. Typical starting points for properties over $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae DUS | 6.40% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac | 6.44% | Up to 80% | Non-recourse large-balance |
| FHA / HUD | 6.70% | Up to 85% | Highest leverage, 35-yr amortization |
| CMBS / conduit | 7.26% | Up to 75% | Non-recourse, flexible underwriting |
Most large-balance lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x. For properties under $6 million, see our California apartment loans.
Rates last updated September 30, 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.
2026 California Multifamily Investment and Lending Outlook
Los Angeles, the state’s deepest large-balance market, traded more than $9.3 billion of multifamily assets over the trailing twelve months, up 35.2% year over year, with second-quarter 2026 volume of $2.56 billion, 39.3% ahead of the same quarter last year (Matthews, Q2 2026).
Volume is up while pricing is not. Cap rates have risen for six straight quarters to 5.37%, and price per unit has drifted down over the same stretch to $308,551, roughly 13.9% below the 2022 peak. Buyers are transacting again at a repriced basis rather than bidding values back up.
Operations are steady underneath that. Los Angeles vacancy measured 4.52% in the second quarter, 38 basis points higher than a year earlier, effective rent grew 0.80% to $2,887, and net absorption reached 2,837 units against 1,695 completions in the quarter.
Northern California, the Inland Empire and San Diego run on separate fundamentals, and a lender reading only Los Angeles comparables will misprice them.
Measure ULA Comes Off the Top of Every Large Los Angeles Trade
If your property sits inside Los Angeles city limits, the transfer tax is not a closing-cost detail. It is a term in the exit.
For transactions closing after 30 June 2026 the City of Los Angeles Office of Finance sets the ULA thresholds at $5,400,000 and $10,900,000. A sale above $5,400,000 but below $10,900,000 is taxed at 4%, and a sale at $10,900,000 or more at 5.5%. Stacked on the 0.45% base city transfer tax, the combined rate reaches 4.45% and 5.95% respectively. The thresholds are adjusted annually against the Chained Consumer Price Index, so confirm the current figures rather than working from a number you were quoted last year.
Why this lands on large-balance borrowers specifically. The lower threshold sits almost exactly at the bottom of the large-balance range, so effectively every institutional-scale apartment trade in the city is caught. The tax is levied on gross consideration, not on gain and not on equity, so it comes off the top of the seller’s proceeds whether or not the deal made money.
For a lender, that flows into residual value. A ten-year loan on a city asset is underwritten against an exit that gives up several percent of gross price before anything else is paid. Properties in the surrounding incorporated cities are not subject to it, which is why two otherwise comparable assets a few miles apart can support different loans.
2026 California Multifamily Metro Snapshots
A look at the California metros we most actively finance, with 2026 market indicators and the local supply and demand picture:
- Limited new construction should keep vacancy low and support steady occupancy
- Rent growth is likely to stay modest as affordability remains a market strength
- Continued job gains in health care and education should sustain rental demand
- The metro adds 6,000 jobs, a second straight year of modest gains.
- About 6,200 units deliver, the lowest total since 2015.
- Vacancy dips to 4.3 percent, on par with the long-term average.
- Employment: about 6,000 new jobs
- Construction: about 6,200 units, inventory growth below 1% for a fifth year
- Vacancy: around 4.3%, near the long-term average
- Job losses ease to the smallest total in four years.
- The delivery pipeline shrinks to its lowest level since 2012.
- Vacancy ticks up to 4.3 percent, still below the long-term average.
- The metro gains 2,500 jobs, its smallest increase since 2020.
- Inventory expands 1.1 percent, matching the prior 10-year average.
- Vacancy falls to 4.0 percent, one of the steepest declines nationally.
- Employment: Net decline of about 3,000 jobs in 2026 (approximately -0.3%).
- Construction: About 1,700 units projected for delivery in 2026.
- Vacancy: Vacancy projected near 4.3%, improving by roughly 10 bps.
- Hiring adds 6,000 roles despite office-using sector losses.
- Stock grows 0.7 percent, the smallest annual increase since 2012.
- Vacancy falls to 4.0 percent, among the 15 least vacant major markets.
- Job losses ease to the smallest total in four years.
- The delivery pipeline shrinks to its lowest level since 2012.
- Vacancy ticks up to 4.3 percent, still below the long-term average.
- Employment: About -2,000 jobs projected in 2026 (approximately -0.2%).
- Construction: About 500 units projected for delivery, with inventory growth near 0.3%.
- Vacancy: Vacancy projected near 3.5%, improving by roughly 20 bps.
- Rents stay roughly flat
- Job growth slows notably
- Limited new supply
California Multifamily Loan Programs
As a broker, we compare every large-balance program to find your best fit:
Recent Multifamily Loan Closings
A sample of multifamily loans we have arranged for investors nationwide.
Other Property & Loan Types We Finance in California
As a full-service commercial mortgage broker, we arrange California financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
What Our Clients Say
“As a real estate attorney, I trust that Select Commercial will deliver commercial mortgages in a timely manner. My clients are always handled professionally, and the rates and terms are excellent. I heartily recommend them.”
David S. · New York City“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 California Multifamily Loan Quote
No cost, no obligation. Written answers within 48 hours on California multifamily loans.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up