Oregon · Over $6 Million
Oregon Multifamily Loans
Select Commercial arranges Oregon multifamily loans, with rates as low as 6.14%, 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 22, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.14% | Up to 80% |
| 7 Year Fixed | 6.17% | Up to 80% |
| 10 Year Fixed | 6.21% | 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
Oregon 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.
Oregon Apartment Building Loans
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 | 6.14% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac | 6.17% | Up to 80% | Non-recourse large-balance |
| FHA / HUD | 6.74% | Up to 85% | Highest leverage, 35-yr amortization |
| CMBS / conduit | 7.03% | 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 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 Oregon Multifamily Investment and Lending Outlook
Portland pricing has reset rather than recovered. The average multifamily sale reached $182,489 per unit in the second quarter of 2026, down 12.9% year over year, at a 6.4% cap rate, 50 basis points wider than a year earlier (Kidder Mathews, Q2 2026).
The quarter’s largest trade shows what institutional product clears at: Ladd Towers, 332 units, $63.3 million, or $190,663 per unit. That is a repriced basis, and buyers are transacting at it rather than waiting for 2022 values to return.
Supply is coming out of the market faster than demand. Year-to-date deliveries fell 24.8% to 1,813 units and the construction pipeline dropped 35.9% year over year to 4,215 units. Absorption also slowed, down 34.6% to 2,604 units year to date, but vacancy still improved slightly to 7.1%, ten basis points better than a year earlier. Average rent was $1,656 per unit, essentially flat at 0.24% below last year.
Absorption slowed too, so the market is not tightening on demand. But deliveries are falling faster than absorption, and a thinner pipeline is the setup for rent recovery, which is why cap rates widening at the same time is worth a borrower’s attention. Eugene, Salem and Bend price separately from Portland and carry their own lender set.
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 maximum is 9.5%. The figure for the following year is published each September, so pull the current one before you set a rent growth assumption.
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
No cost, no obligation. Written answers within 48 hours on Oregon multifamily loans.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up