Iowa · Over $6 Million
Iowa Multifamily Loans
Select Commercial arranges Iowa 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 Iowa apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Iowa
Iowa apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Iowa apartment loans and Iowa commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Iowa Multifamily Loan Rates
Rates updated as of October 22, 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
Iowa Apartment Loans
For smaller apartment building loans, under $6 million
Rates last updated October 22, 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.
Iowa Apartment Building Loans
Not every Iowa apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Iowa apartment properties from $1,500,000 to $6 million, see our Iowa apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Iowa Large-Balance Programs
As a broker we place your large-balance Iowa 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 Iowa apartment loans.
Rates last updated October 22, 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 Iowa Multifamily Investment and Lending Outlook
Iowa is structurally a small-balance market, and that shapes what a large loan here actually looks like.
Northmarq has reported that more than 60% of Des Moines multifamily properties sold since 2014 traded for under $10 million, at a median of roughly $89,300 per unit. That single pair of figures tells you more about Iowa financing than any cap rate would.
Work the arithmetic. At about $89,300 per unit, a property supporting a $6 million loan at 70% leverage is worth roughly $8.6 million, which is on the order of 95 to 100 units. In Des Moines that is a substantial property. In Cedar Rapids, Davenport or Iowa City it is near the top of the market.
So large-balance Iowa lending tends to mean one of three things: recently built product where per-unit values run well above the median, the largest stabilized assets in the Des Moines metro, or a portfolio loan that aggregates several smaller properties under one note. The third route is the one Iowa owners most often overlook. An owner holding four 24-unit buildings has a financeable large-balance request if the properties can be cross-collateralized, and the pricing and term on that structure are materially better than four separate small loans. It is worth asking about before assuming your properties are too small.
Iowa’s lender set reflects the same reality. Local and regional banks and credit unions dominate below $10 million. Agency execution becomes competitive at the top of the market and on new construction, and that is where the longer fixed terms and non-recourse treatment live.
Iowa Just Legislated a Tax Increase Into Your Loan Term
This is the rare case where a state has told you, in advance and with dates, that your property taxes are going up. Any Iowa loan closing now will live through it.
Senate File 2472 was signed into law on May 18, 2026, effective January 1, 2027. Among much else, it reestablishes the multiresidential property classification that Iowa eliminated in 2022. Apartment property had been folded into the residential class and assessed on the same rollback as houses. It will not be.
The new formula is explicit and phased:
For assessment year 2027, multiresidential property is assessed at the residential assessment limitation percentage plus three percentage points, capped at 100% of actual value. For assessment year 2028 and after, it is assessed at the residential percentage plus six percentage points, again capped at 100%.
Iowa applies a rollback to residential property, so houses are assessed at well under their market value. Apartments will now be assessed at that rollback plus three points, then plus six. The gap is permanent, and it widens in a second step a year after the first.
Three practical points for a loan closing in late 2026.
Trailing taxes are no longer predictive, by law. The twelve months of tax history on an Iowa rent roll today reflects the old treatment. A loan sized on it is sized on an expense line the legislature has already replaced. Underwrite the assessment year 2028 figure, because that is the one in force for nine of the ten years of a ten-year loan.
Ask the lender which year it used. Not every underwriter will have adjusted for a statute effective next January. If your sizing came back stronger than expected, confirm the tax line reflects plus six and not the current number. A proceeds figure that gets revised downward during underwriting is worse than a smaller figure quoted correctly at the start.
It changes the acquisition math, not just the refinance math. A seller’s operating statement will show the pre-2027 tax line through the end of this year. On an acquisition, the buyer absorbs the step up, and the purchase price should reflect it. This is a negotiating point with a statutory citation attached, which is a better position than most expense arguments start from.
The reform package is broad and touches urban renewal, revitalization and local levy authority as well. For a multifamily owner, the classification change is the provision that moves your numbers.
Iowa Multifamily Loan Programs
As a broker, we compare every large-balance program to find your best fit:
Recent Multifamily Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Iowa Multifamily Markets We Serve
We arrange large-balance multifamily loans throughout Iowa, including:
Other Property & Loan Types We Finance in Iowa
As a full-service commercial mortgage broker, we arrange Iowa 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 Iowa Multifamily Loan Quote
No cost, no obligation. Written answers within 48 hours on Iowa multifamily loans over $6,000,000.
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- For 5+ unit and commercial properties, $1.5M and up