Michigan · Over $6 Million
Michigan Multifamily Loans
Select Commercial arranges Michigan 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 Michigan apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Michigan
Michigan apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Michigan apartment loans and Michigan commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Michigan Multifamily Loan Rates
Rates updated as of October 2, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.66% | Up to 80% |
| 7 Year Fixed | 6.75% | Up to 80% |
| 10 Year Fixed | 6.64% | 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 October 2, 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.
Michigan Apartment Buildings Under $6 Million
Not every Michigan apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Michigan apartment properties from $1,500,000 to $6 million, see our Michigan apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Michigan Large-Balance Programs
As a broker we place your large-balance Michigan 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 Michigan apartment loans.
Rates last updated October 2, 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 Michigan Multifamily Investment and Lending Outlook
Detroit investment sales totalled $388.6 million in the first half of 2026, up from $284.8 million in the same period of 2025 (Yardi Matrix, data through June 2026).
The operating picture is tighter than the employment picture. Occupancy in stabilized assets was 94.4% with average advertised asking rents of $1,363, up 1.6% year over year, while the metro shed 18,900 net jobs over twelve months as of April and unemployment reached 5.5% in May.
Supply is not the constraint. Only 363 units were delivered in the first two quarters, with more than 4,600 units under construction, and starts have collapsed to 547 units on a trailing-twelve basis from 2,759 a year prior (MMG Real Estate Advisors, Q2 2026).
Grand Rapids, Ann Arbor and the Lansing corridor price separately from Detroit and should not be underwritten off Detroit comparables.
Michigan Uncapping Reaches Entity Transfers, Not Just Sales
Michigan caps how fast taxable value can rise and removes the cap on a transfer of ownership. Most buyers know that. What catches large-balance borrowers is how broadly the statute defines a transfer.
MCL 211.27a(6) defines transfer of ownership as the conveyance of title to, or a present interest in, property, the value of which is substantially equal to the value of the fee interest. That language reaches beyond a deed. Certain transfers of interests in the entity that holds the property can trigger uncapping, which is exactly the kind of transaction institutional owners do routinely: a joint-venture recapitalisation, a partner buyout, a partial-interest sale, a fund-to-fund transfer.
The consequence is the same either way. Under MCL 211.27a(3) the taxable value for the calendar year following the transfer becomes the state equalized value, which is half of true cash value. On a long-held Michigan asset the gap between capped taxable value and state equalized value can be wide, and the step-up lands the year after the transfer, not at closing.
The statute lists exceptions at MCL 211.27a(7), and whether a particular entity-level transaction falls inside one is a question for your counsel, not your lender. What we need from you is the structure of the deal up front, so the loan is sized on the uncapped tax line rather than the seller’s.
2026 Michigan Multifamily Metro Snapshots
A look at the Michigan metros we most actively finance, with 2026 market indicators and the local supply and demand picture:
- Employment: about 5,000 new jobs
- Construction: about 2,100 units, inventory growth of 0.7%
- Vacancy: around 3.9% by year-end
Michigan 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 Michigan
As a full-service commercial mortgage broker, we arrange Michigan 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 Michigan Multifamily Loan Quote
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- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up