Montana · Over $6 Million
Montana Multifamily Loans
Select Commercial arranges Montana 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 Montana apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Montana
Montana apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Montana apartment loans and Montana commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Montana Multifamily Loan Rates
Rates updated as of October 21, 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
Montana Apartment Loans
For smaller apartment building loans, under $6 million
Rates last updated October 21, 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.
Montana Apartment Building Loans
Not every Montana apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Montana apartment properties from $1,500,000 to $6 million, see our Montana apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Montana Large-Balance Programs
As a broker we place your large-balance Montana 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 Montana apartment loans.
Rates last updated October 21, 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 Montana Multifamily Investment and Lending Outlook
Bozeman is the clearest picture in the state, and it is a market digesting a supply wave. The apartment vacancy rate reached 21.2% in the second quarter of 2025, up from 15.6% a year earlier, while average rent fell 7% to $2,171. That was the first year-over-year second-quarter rent decline since at least 2010 (HUD Comprehensive Housing Market Analysis, June 2025).
The cause is arithmetic: roughly 1,150 units completed against 510 absorbed over the twelve months to June 2025, with another 900 under construction.
The headline vacancy hides a split that decides your loan. Bozeman apartments built before 2020 were running 4.3% vacant while units built since were at 21.8% (SterlingCRE Advisors). Those are two different assets in one market, and a lender prices them that way.
Missoula is the steadier market: 8.1% vacancy, down from 8.9%, average rent $1,435, up $29 or 2%, with around 300 units under construction and permitting down nearly 12% (HUD, fourth quarter 2024). Two-bedroom rents there rose 11.4% across 2025 to $1,661, with units above $1,800 leasing more slowly than those below $1,500 (Missoula Organization of REALTORS, February 2026).
Montana sales volume and cap rates are not published by any source we can verify, so expect the appraisal to lean on the income approach and your own operating history.
Montana’s Coal Trust Multifamily Loan Wants First Lien, So You Cannot Have Both
Montana offers something most states do not: a state-funded permanent multifamily loan large enough to matter on a real deal. The trade it asks for is absolute, and sponsors are often surprised by it.
The Montana Board of Housing runs the GO Housing Multifamily Homes Program, which includes $65 million established under the original Coal Trust Multifamily Homes program, capital drawn from the state’s coal severance tax trust. It lends at 3.25%, set at the board’s December 2025 meeting, on a term up to 30 years with amortization up to 40 years, and will fund up to 95% of total development cost.
The guidelines require first lien position. This is not gap financing that layers behind a senior loan. It displaces the senior loan. An agency or bank lender cannot sit behind it, which means the choice is genuinely either/or.
The price of that rate is a long restriction: at least 75% of units must be targeted to residents at or below 95% of area median income, enforced for the longer of thirty years or the life of the loan.
Why this is a large-balance decision specifically. At $6 million and above, 3.25% money at up to 95% of cost is worth enough that the restriction becomes a genuine commercial question rather than an easy no. A smaller sponsor rarely has to weigh it. Run both structures before you commit, because the thirty-year covenant travels with the property and will shape every exit you model.
If your Montana property is conventional, stabilized and unrestricted, the usual large-balance agency, bank and life company programs apply and price competitively. Tell us which path you are on at the start.
Montana 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 Montana
As a full-service commercial mortgage broker, we arrange Montana 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 Montana Multifamily Loan Quote
No cost, no obligation. Written answers within 48 hours on Montana multifamily loans.
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- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up