Vermont · Over $6 Million
Vermont Multifamily Loans
Select Commercial arranges Vermont 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 Vermont apartment loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Vermont
Vermont apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Vermont apartment loans and Vermont commercial mortgages.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Vermont 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.
Vermont Apartment Buildings Under $6 Million
Not every Vermont apartment property is over $6 million, and we finance smaller buildings too. For 5+ unit Vermont apartment properties from $1,500,000 to $6 million, see our Vermont apartment loans page for Fannie Mae Small Loan, Freddie Mac SBL, bank and credit union options.
Compare Vermont Large-Balance Programs
As a broker we place your large-balance Vermont 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 Vermont 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 Vermont Multifamily Investment and Lending Outlook
Vermont’s large-balance market is effectively Chittenden County. Outside it, few properties in the state are big enough to carry a loan over $6 million, and those that are tend to be recently built or affordable-housing assets rather than conventional market-rate stock.
Chittenden County’s rental vacancy rate was 3.3% in June 2026, according to Allen, Brooks and Minor, which has tracked the market since 2000. That is still tight against the 5% a balanced market implies, but it is a long way from the sub-1% readings of the pandemic years.
Supply is what moved it. More than 800 units were added in 2024, roughly two and a half times the average annual pace, followed by more than 500 in 2025. Rent growth decelerated with it, from 6.1% in the fall of 2024 to 3.5% across 2025.
For an underwriter that sequence matters more than the level. A Vermont loan sized on 2024 rent growth is sized on a number the market has already moved past, and the trailing twelve months will show it.
Scale and Subsidy Decide Which Vermont Lenders Can Compete
Two features of this state shape a large Vermont file before anyone looks at the rent roll.
The first is scale. There are not many Vermont properties that need $6 million or more, which means the national agency and conduit desks see very little Vermont product and have few comparable sales to lean on. A borrower who arrives with several years of operating history, a documented occupancy record and a rent roll showing real collected rents gives the appraiser something to build from. A borrower who does not will wait.
The second is subsidy. A significant part of Vermont’s larger apartment development is delivered through the affordable channel rather than as conventional market-rate product. Evernorth, the nonprofit syndicator behind much of it, closed Housing New England Fund VII at $81.75 million in April 2026. If your property carries a LIHTC regulatory agreement, a HUD use agreement or any subsidy layer, the financing path is not a conventional agency loan and the lender set is different. Say so at the outset.
Where the property is conventional, stabilized and in Chittenden County, the usual large-balance programs apply and price competitively.
Vermont 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 Vermont
As a full-service commercial mortgage broker, we arrange Vermont 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 Vermont Multifamily Loan Quote
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- For 5+ unit and commercial properties, $1.5M and up