New Mexico · Over $6 Million
New Mexico Multifamily Loans
Select Commercial arranges New Mexico 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 New Mexico apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in New Mexico
New Mexico apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See New Mexico apartment loans and New Mexico commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
New Mexico 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
New Mexico 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.
New Mexico Apartment Building Loans
Not every New Mexico apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit New Mexico apartment properties from $1,500,000 to $6 million, see our New Mexico apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare New Mexico Large-Balance Programs
As a broker we place your large-balance New Mexico 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 New Mexico 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 New Mexico Multifamily Investment and Lending Outlook
Albuquerque fundamentals turned in 2026 for the first time in nearly four years, and the published cap rate spread tells you where capital is actually going.
Northmarq reported that Albuquerque vacancy improved year over year for the first time since late 2022, down 30 basis points in the second quarter of 2026 and expected to hold near 7% through year end, on net absorption of roughly 500 units in the quarter, more than double the five-year average for a second quarter. Rents are expected to advance about 1.5% annually, and 2026 completions are expected to lag the 2025 peak by 38%.
The same report put cap rates in the mid-5% range for affordable properties, mostly deals struck before rates rose, and in the high-6% range for market-rate product. That roughly 100 to 150 basis point spread between restricted and conventional pricing is unusually wide and is the single most useful pricing datapoint available for this state.
Yardi Matrix measured average advertised asking rent at $1,402 as of June 2026, with trailing three-month growth of 0.2% but annual growth of negative 0.8%, and occupancy at 94.3% in stabilized assets, down 30 basis points over twelve months. Transaction volume ran about $60 million through July 2026 at an average of $127,643 per unit, down 30% from 2025, with 2,136 units under construction.
Two cautions on pricing. Northmarq reports a median sale price of $91,400 per unit year to date against a historical five-year range of $130,000 to $155,000, while Yardi reports a $127,643 average. Both samples are thin in a market this size, and median and average are answering different questions. Separately, employment is a genuine headwind: the metro lost about 2,700 net jobs in the twelve months ending May 2026, with unemployment at 4.9% in June 2026.
A New Mexico Sale Resets the Tax Bill, and the Affidavit Hands Over Your Price
New Mexico has the most dangerous gap between a seller’s tax bill and a buyer’s tax bill of any state in this region, and the state has built a mechanism that guarantees the assessor finds out what you paid.
Why the gap exists. Under NMSA 1978 § 7-36-21.2, the value of residential property in any tax year may not exceed the higher of 103% of the value in the prior tax year or 106.1% of the value two tax years prior. A long-held property that has been riding that limitation for a decade or more carries an assessed value far below what the asset is worth.
Why the gap closes on sale. The limitation does not apply where a change of ownership of the property occurred in the year immediately prior to the tax year for which the value is being determined. In that case the statute directs that the value of the property shall be its current and correct value as determined pursuant to the general valuation provisions of the Property Tax Code. The statute lists eight exclusions from “change of ownership,” and every one of them is an individual or family transfer: spousal transfers, transfers to a child occupying the property as a principal residence, confirming a prior transfer, quieting title, transfers to and from revocable trusts. None of them covers an arm’s length commercial sale.
And the enforcement mechanism is a 30-day post-closing filing. Under NMSA § 7-38-12.1, within 30 days of filing the deed or real estate contract with the county clerk, a transferor, transferee or authorized agent must file an affidavit disclosing the parties, the legal description, the full consideration, including money or any other thing of value, paid or exchanged, the terms of sale including seller incentives, and the value of any personal property included. Your purchase price goes to the assessor on a sworn form, within a month of recording.
What this does to a loan. An underwriter who carries the seller’s trailing twelve-month tax line forward will overstate net operating income, overstate value and oversize the loan. The honest calculation runs taxes at reassessed value from year one: roughly purchase price, times the 33 1/3% tax ratio set by § 7-37-3, times the applicable mill rate.
The step-up arrives almost entirely through assessed value rather than through the rate, and that is by design. The yield control provision at § 7-37-7.1 prevents a taxing authority from setting a rate that produces revenue above the prior year’s revenue times a growth control factor, with the inflation component capped at 5%, and requires that the calculation be made separately for residential and nonresidential property. Rates are restrained. Values are not, once the limitation lifts.
So three things belong on a New Mexico closing checklist. Underwrite the post-sale tax figure, not the seller’s. Size the tax escrow to the reassessed number, because an escrow funded off trailing taxes runs short in the first full year and the shortfall is collected from the borrower. And treat the first post-closing notice of value as a real diligence item rather than a formality, with the appeal calendar noted, because that notice sets the expense line for the life of the loan.
Whether the valuation limitation reaches a five-or-more-unit apartment building turns on how the county classifies it, and that is worth confirming with the county assessor or the Property Tax Division for your specific property. The underwriting instruction does not change either way: the property will be valued at current and correct value after it trades, and the seller’s tax bill is not a guide to yours.
One piece of good news on closing costs. New Mexico imposes no mortgage recording tax and no transfer tax tied to consideration. Under NMSA § 14-8-15 the county clerk collects a flat recording fee of $25.00 per document, with an additional $25.00 for each block of ten or fewer index entries beyond the first ten. Recording a $20,000,000 mortgage here costs the same as recording a $200,000 one, which is the opposite of Alabama, Minnesota or Maryland.
New Mexico 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.
New Mexico Multifamily Markets We Serve
We arrange large-balance multifamily loans throughout New Mexico, including:
Other Property & Loan Types We Finance in New Mexico
As a full-service commercial mortgage broker, we arrange New Mexico 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 New Mexico Multifamily Loan Quote
No cost, no obligation. Written answers within 48 hours on New Mexico multifamily loans over $6,000,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up