Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
San Antonio, Texas
San Antonio Apartment Loans in 2026
Select Commercial specializes in San Antonio apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 5.68% and up to 80% LTV. For properties elsewhere in the state, see our Texas apartment loans; for loans over $6 million, see San Antonio multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in San Antonio
San Antonio 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.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
San Antonio Apartment Loan Rates
Rates updated as of August 20, 2026
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.08% | Up to 80% |
| 7 Year Fixed | 6.19% | Up to 80% |
| 10 Year Fixed | 6.28% | Up to 80% |
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.68% | Up to 75% |
| 7 Year Fixed | 5.79% | Up to 75% |
| 10 Year Fixed | 5.88% | Up to 75% |
- 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 August 20, 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.
Compare San Antonio Apartment Loan Programs
As a broker, we compare every program to find your best-fit San Antonio apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.08% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most apartment lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x. For properties over $6 million, see our San Antonio multifamily loans.
2026 San Antonio Apartment Loan Market: Demand From Young Professionals Supports Rent Recovery as Supply Dwindles
San Antonio enters 2026 with strong employment and population momentum supporting demand, even while overall vacancy remains elevated compared to many major metros. For investors comparing apartment building loans, the drivers behind a durable San Antonio apartment loan remain the focus: job growth, the pace of new deliveries, vacancy direction, and rent momentum.
Employment
San Antonio is projected to add about 15,000 jobs in 2026, with employment growth near +1.2%. The level is slightly below the metro's long-term average of 18,000 annually, yet it still ranks among the top 10 metros nationwide. Healthcare, government, and defense-oriented sectors are expected to help keep the local economy resilient.
Construction and supply
The local delivery pipeline keeps shrinking after the record level in 2024. About 3,500 units are projected to deliver in 2026, roughly three-fifths of the metro's annual average over the last decade. With fewer new openings, competitive lease-up pressure should continue to ease for San Antonio apartment loan properties.
Vacancy
Net absorption is projected to outpace new supply for the third consecutive year, pushing vacancy down about 20 bps to roughly 6.8%, the lowest level since 2021. While vacancy remains higher than many major markets, the direction of change supports a steadier operating setup for a San Antonio apartment building loan.
Rent trend
Fueled by employment-driven renter demand, rent growth is projected to return in 2026 after three years of declines. Average effective rent is expected to land near $1,200 per month by year-end, up about 2.1%. This supports more constructive income assumptions for borrowers sizing San Antonio apartment loans.
2026 San Antonio forecast at a glance:
- 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.
- Rent: Average effective rent projected near $1,200 per month, up about 2.1%.
San Antonio Multifamily Loans (Over $6 Million)
For larger San Antonio apartment properties, we arrange multifamily loans over $6 million through Fannie Mae DUS, Freddie Mac, FHA/HUD and CMBS. These institutional programs offer non-recourse financing, up to 80% LTV and fixed terms up to 30 years, with even longer fully amortizing options through HUD.
See our San Antonio multifamily loans page for over-$6 million financing, or explore Fannie Mae and Freddie Mac agency programs.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
San Antonio Apartment Loan Types We Serve
Whether you are purchasing or refinancing a San Antonio apartment building, we arrange financing for:
- Large urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and single-family rental properties
- Other multifamily and mixed-use properties
We consider apartment loan requests of all sizes, beginning at $1,500,000.
Other Property & Loan Types We Finance in San Antonio
As a full-service commercial mortgage broker, we arrange San Antonio financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
San Antonio Neighborhoods We Serve
Select Commercial provides apartment loans throughout San Antonio, Texas and the surrounding area, including:
- Downtown
- Monte Vista
- Alamo Heights
- Southtown
- King William
- Tobin Hill
- Dignowity Hill
- Mahncke Park
- Lavaca
- Government Hill
- Midtown
- North Central
- Northwest
- Near Northwest
- Stone Oak
- Medical Center
- Alamo Ranch
- Terrell Hills
- Olmos Park
- Beacon Hill
For other cities in the state, see Texas apartment loans.
Nearby Apartment Loan Markets
We finance apartment buildings nationwide. Explore related markets:
Houston · Dallas · Austin · El Paso · Lubbock · Plano · Arlington · Fort Worth · All Texas · Other U.S. cities
What Our Clients Say
“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, IL“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 San Antonio Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on San Antonio apartment loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up