Oregon · Over $6 Million
Oregon Multifamily Loans
Select Commercial arranges Oregon 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 Oregon apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Oregon
Oregon apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Oregon apartment loans and Oregon commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Oregon 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.
Oregon Apartment Buildings Under $6 Million
Not every Oregon apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Oregon apartment properties from $1,500,000 to $6 million, see our Oregon apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Oregon Large-Balance Programs
As a broker we place your large-balance Oregon 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 Oregon 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 Oregon Multifamily Investment and Lending Outlook
Portland investment sales totalled $309.3 million in the second quarter of 2026, a 48% jump from $208.3 million in the first quarter (CBRE, Q2 2026). Pricing has reset rather than recovered: the average sale reached $182,489 per unit, down 12.9% year over year, at a 6.4% cap rate, 50 basis points wider than a year earlier (Kidder Mathews, Q2 2026).
Demand is running ahead of supply for the first time in years. CBRE recorded net absorption of 1,997 units in the quarter against 928 units delivered, more than two to one, lifting occupancy to 95.3%. Deliveries fell from 1,367 units in the first quarter, and the construction pipeline is down 35.9% year over year to 4,215 units.
Institutional and broader tracked inventories read differently here, so confirm which set a quoted vacancy figure covers before you rely on it.
Oregon’s Rent Cap Has a 15-Year Cliff, and Newer Assets Walk Into It
Oregon caps annual rent increases statewide by statute, and the Department of Administrative Services publishes the maximum each September for the following year. The 2026 figure is 9.5%.
The part that matters to a buyer of newer institutional product is the exemption. Under ORS 90.323 the cap does not apply where the first certificate of occupancy was issued less than 15 years before the notice of increase. Recently built Portland assets, which is much of what trades at large-balance size, are currently outside the cap.
They do not stay outside it. A property delivered in 2015 loses the exemption in 2030. A ten-year loan written today on a 2017 building crosses that line in year six, and the revenue trajectory the loan was sized against changes partway through the term without anything happening to the property itself.
Underwrite the crossover date, not just today’s rent roll. Tell us the first certificate of occupancy date at the outset and we will size the loan against the regime the property will actually be operating under for most of the term. A separate and lower cap applies to manufactured dwelling park facilities.
2026 Oregon Multifamily Metro Snapshots
A look at the Oregon metros we most actively finance, with 2026 market indicators and the local supply and demand picture:
- Employment: Total employment projected to decline by about 4,800 jobs (approximately -0.4%).
- Construction: About 1,300 units projected, with inventory growth near 0.5%.
- Vacancy: Vacancy projected near 4.6%, improving by roughly 10 bps.
Oregon 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 Oregon
As a full-service commercial mortgage broker, we arrange Oregon 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 Oregon Multifamily Loan Quote
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- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up