Texas · Over $6 Million
Texas Multifamily Loans
Select Commercial arranges Texas 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 Texas apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Texas
Texas apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Texas apartment loans and Texas commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Texas Multifamily Loan Rates
Rates updated as of September 30, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.80% | Up to 80% |
| 7 Year Fixed | 6.84% | Up to 80% |
| 10 Year Fixed | 6.84% | 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 September 30, 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.
Texas Apartment Buildings Under $6 Million
Not every Texas apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Texas apartment properties from $1,500,000 to $6 million, see our Texas apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Texas Large-Balance Programs
As a broker we place your large-balance Texas 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 Texas apartment loans.
Rates last updated September 30, 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 Texas Multifamily Investment and Lending Outlook
Texas large-balance multifamily is being repriced as a historic supply wave recedes. Statewide deliveries are projected at about 35,000 units in 2026 against roughly 93,000 the year before, according to the Texas A&M Real Estate Research Center.
Capital has moved ahead of rents. Dallas-Fort Worth recorded $10.4 billion in trailing-year sales, up 42%, and Houston $3.4 billion, up 32%. Houston delivered just 3,000 units, its lowest since 2013, and Austin absorbed more than it delivered over the trailing year.
Current income has not caught up yet. In the first quarter of 2026 Dallas-Fort Worth delivered 7,300 units against 5,100 absorbed, leaving vacancy at 12.2% and rent growth at negative 2.1%, with 30,200 units still under construction. Institutional product traded near $183,000 per unit at a 5.8% cap rate (Matthews, Q1 2026). Occupancy ran 93.2% in Dallas-Fort Worth and about 92.2% in Houston.
Texas Buyers Are Underwriting the Recovery. Lenders Are Not.
That is the single most useful thing to understand about a large Texas file in 2026. Sales volume up 42% in Dallas-Fort Worth alongside rent growth at negative 2.1% means buyers are paying for income the property does not yet produce. A lender sizes the loan on income it does.
The practical consequence is a proceeds gap. A purchase priced off stabilized pro forma will not support the debt the pro forma implies, because the debt is sized on the trailing twelve months and a debt-service-coverage test near 1.25x. On a property still leasing up in a submarket with 30,200 units under construction, that gap can be substantial.
How large Texas deals get done anyway. Bridge debt sized to a credible lease-up plan with a take-out into agency once trailing income supports it. Or agency execution at lower leverage now, with a supplemental later as income builds. Either way the lender wants the concession schedule, the trailing twelve months, and net effective rents rather than gross asking rents.
Send us the rent roll with concessions shown separately and we will tell you which of the two routes your property actually supports.
2026 Texas Multifamily Metro Snapshots
A look at the Texas metros we most actively finance, with 2026 market indicators and the local supply and demand picture:
- Employment: about 25,000 new jobs
- Construction: about 21,000 units, inventory growth of 2.1%
- Vacancy: down to 5.9% by year-end
- Employment: hiring slows, with about 8,000 jobs added metrowide
- Construction: deliveries the smallest in more than a decade, inventory growth still top 10 nationally
- Vacancy: net absorption outpaces completions, pushing vacancy down to about 6.1%
- Employment: about 25,000 jobs added across the Dallas-Fort Worth metroplex
- Construction: inventory growth moderates to about 2.1%, deliveries less than half of 2025
- Vacancy: shifts down to about 5.9% by year-end, roughly 30 bps below the long-term average
- New supply stays limited
- Vacancy holds in a low range
- Rent growth remains modest near 1 to 2 percent
- Employment: about 25,000 new jobs
- Construction: about 21,000 units, inventory growth of 2.1%
- Vacancy: down to 5.9% by year-end
- Employment: about 8,000 new jobs, roughly +0.2%
- Construction: about 9,000 units, urban core pipeline contracting sharply
- Vacancy: near 6.3%, up about 20 bps but below the long-term average
- Employment Growth: About 15,000 jobs added in 2026 (approximately +1.2%).
- Construction Trends: About 3,500 units projected for delivery, with the pipeline continuing to contract after the 2024 peak.
- Vacancy: Vacancy projected near 6.8%, improving by roughly 20 bps.
Texas 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 Texas
As a full-service commercial mortgage broker, we arrange Texas 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 Texas Multifamily Loan Quote
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