Delaware · Over $6 Million
Delaware Multifamily Loans
Select Commercial arranges Delaware multifamily loans, with rates as low as 6.22%, 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 Delaware apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Delaware
Delaware apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Delaware apartment loans and Delaware commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Delaware Multifamily Loan Rates
Rates updated as of October 20, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.22% | Up to 80% |
| 7 Year Fixed | 6.26% | Up to 80% |
| 10 Year Fixed | 6.35% | 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
Delaware Apartment Loans
For smaller apartment building loans, under $6 million
Rates last updated October 20, 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.
Delaware Apartment Building Loans
Not every Delaware apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Delaware apartment properties from $1,500,000 to $6 million, see our Delaware apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Delaware Large-Balance Programs
As a broker we place your large-balance Delaware 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 | 6.22% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac | 6.26% | Up to 80% | Non-recourse large-balance |
| FHA / HUD | 6.83% | Up to 85% | Highest leverage, 35-yr amortization |
| CMBS / conduit | 7.00% | 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 Delaware apartment loans.
Rates last updated October 20, 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 Delaware Multifamily Investment and Lending Outlook
Delaware is a thin market at institutional scale, and that is the first thing to plan for. Statewide apartment trades large enough to need a loan over $6 million happen a handful of times a year, which means a Delaware appraisal is built from a comparable set the appraiser assembles rather than one already sitting in a database.
New Castle County carries most of the activity. Upper New Castle County alone had 710 units under construction against 61 deliveries over the preceding twelve months (Global Real Estate Advisors, Winter 2025), a pipeline many times the recent delivery pace in a county of this size.
That matters to a lender in a specific way. When a market has been delivering around sixty units a year and several hundred are coming, a property still in lease-up is competing against the whole pipeline at once, and the trailing twelve months a loan is sized against will not reflect it. Stabilized Wilmington assets with a real operating history underwrite very differently from new product.
Downstate Kent and Sussex counties run on resort and retiree demand rather than the Wilmington employment base, and should not be underwritten off New Castle comparables.
Delaware’s Downtown Development District Rebate Shrinks as Your Project Grows
Delaware’s Downtown Development Districts program, created by the Downtown Development Districts Act of 2014 and administered by the Delaware State Housing Authority, is the state incentive most often raised on Wilmington apartment deals. Its Large Project track is worth understanding before you build it into a capital stack, because the arithmetic runs against bigger projects.
The rebate rate falls as investment rises. Qualified real property investments between $350,000 and $2,500,000 are rebated at 20%. Between $2,500,001 and $3,500,000 the rebate is a fixed $500,000. Above $3,500,000 it drops to $60,000 for each additional $1,000,000, and the published schedule tops out at $2,000,000, because rebates are capped at $2,000,000 per building within any five consecutive year period.
Two further terms decide whether it is bankable at all. The money is performance-based: investments must be completed, paid in full and placed in service before the rebate application is even made, so none of it is available during construction. And while an investor may assign a reservation, the Housing Authority will not be a party to that agreement or sign it, which limits how a lender can take security over the proceeds.
Scale the program honestly. The entire FY26 Large Project round was $3.5 million statewide, of which $3.43 million was reserved across eight projects, the largest single award being $973,000. Over its life the program has put $32,198,742 of rebates against $561,281,240 of private investment in Wilmington across 58 Large and 72 Small Projects.
On a $6 million-plus apartment project the rebate is real money but a small share of cost, arrives after completion, and cannot be pledged in the ordinary way. Treat it as a return enhancement, not as construction funding, and tell us at the outset if you are counting on it.
Delaware 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 Delaware
As a full-service commercial mortgage broker, we arrange Delaware 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 Delaware Multifamily Loan Quote
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- For 5+ unit and commercial properties, $1.5M and up