San Antonio, Texas
San Antonio Apartment Loans in 2026
This year, San Antonio apartment loans are being underwritten against easing vacancy, softer rents and a city tax rate that went up for 2026, so we price each request with banks, agency lenders, HUD and CMBS before recommending one. Financing starts at $1,500,000, with leverage up to 80% LTV, whether the building sits in the King William historic district or near the Medical Center, and pricing on the strongest stabilized files begins at 6.12%. Our San Antonio multifamily loans page takes the large complexes, Texas apartment loans covers properties outside Bexar County, and commercial mortgage rates lists pricing program by program.
Get a Free QuoteHow San Antonio's Jobs and Vacancy Are Moving in 2026
Hiring across the San Antonio-New Braunfels metro has cooled since midsummer. Preliminary BLS data put nonfarm payrolls at 1,189,000 in September 2026, 0.4% higher than in September 2025, after year-over-year gains of 0.7% in June and July. Professional and business services grew fastest, up 4.0%; government and health and education services each shrank by more than 2%.
Owners are still absorbing recent construction: 13,000 to 14,000 apartments were completed in San Antonio in 2024, the San Antonio Apartment Association's executive director told the San Antonio Report. CoStar figures in the same September 2026 story show vacancy easing from 16% at the start of the year to 14.9% in the third quarter, and CoStar's director of market analytics said starts are "way down."
Two Rent Surveys, One Direction in San Antonio
Both trackers show city rents under last year's level. Apartment List's October 2026 median of $1,121 sits 4.3% below a year ago, a sharper fall than in Texas (2.1%) or nationally (0.4%), after a 0.2% slip in September, with a $957 one-bedroom median and a $1,179 two-bedroom median. RentCafe's average rent, drawn only from 50-plus-unit properties, was $1,260 at its September 30, 2026 update, a 2.62% annual drop.
Joint Base San Antonio had 74,713 direct employees in 2025, 33,256 of them active-duty, the Texas Comptroller reports, and HUD's October 2024 profile lists H-E-B at 20,000 metro employees and USAA at 19,000. UTSA and UT Health San Antonio merged on September 1, 2025 into a university of about 40,000 students and 17,000 employees.
San Antonio Apartment Loan Rates
Rates updated as of November 9, 2026
For San Antonio apartment loans, the table assumes a stabilized building; inside the city, 2026 property taxes of roughly $2.30 to $2.51 per $100 of taxable value (North East, Northside or San Antonio ISD) are tested against every quote.
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.52% | Up to 80% |
| 7 Year Fixed | 6.55% | Up to 80% |
| 10 Year Fixed | 6.59% | Up to 80% |
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
See San Antonio Multifamily Rates Over $6 Million, Starting at 6.12%
Rates last updated November 9, 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.
San Antonio Neighborhoods on Our Lending Map
King William, just south of downtown, became the city's first historic district in 1968; San Antonio now has 32 locally designated districts. The 2019 Midtown plan covers Mahncke Park, Westfort, Tobin Hill, Uptown/St. Ann's, Five Points and part of Government Hill, and RentCafe's September 2026 neighborhood averages peak in Midtown at $2,303. The Medical Center holds the main UT Health campus and USAA, and the planned Spurs arena would rise at Hemisfair on the former Institute of Texan Cultures site. Alamo Heights, Olmos Park and Terrell Hills are separate cities and Alamo Ranch is unincorporated Bexar County, so none appears below.
Within the city limits, our apartment lending covers areas such as:
- Downtown
- Hemisfair
- King William
- Lavaca
- Dignowity Hill
- Government Hill
- Tobin Hill
- Monte Vista
- Mahncke Park
- Westfort
- Five Points
- Beacon Hill
- Alta Vista
- Woodlawn Lake
- Midtown
- Medical Center
Five Programs, One San Antonio Rent Roll
San Antonio's housing runs from buildings older than 1940 to ones finished this decade, and the best program depends on where a property falls. Opening terms for each:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.52% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.60% | Up to 80% | $2M to $10M small balance |
| FHA / HUD | 6.74% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most lenders set a 1.25x floor on debt-service coverage, and here that floor is now tested against 2026 tax bills carrying the city's rise from 54.159 to 56.288 cents per $100. Properties that need more than these programs lend move to San Antonio multifamily loans.
Rates last updated November 9, 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.
Bexar County Taxes and City Rules Every San Antonio Owner Faces
Stacked tax rates. The Bexar Central Appraisal District, called the Bexar Appraisal District until January 1, 2026, publishes the rate chart. Its 2026 edition shows the City of San Antonio up from 54.159 to 56.288 cents per $100 after a 7-4 council vote and Bexar County, with its road and flood fund, unchanged at 29.9999 cents. University Health (officially the Bexar County Hospital District), Alamo Colleges and the San Antonio River Authority add 46.2185 cents together, and the North East, Northside and San Antonio school districts add 97.54, 103.49 and 118.69 cents.
Exemptions with strings attached. Housing finance corporations from Maverick County, Cameron County and Pleasanton have bought numerous Bexar County apartment buildings, and the county's chief appraiser has sued to return 27 large complexes to the tax rolls (News 4 San Antonio, June 2026). House Bill 21 (2025) confines these corporations to their sponsors' boundaries unless the host city (or, outside city limits, the county) and any housing finance corporation it sponsors approve, and out-of-area properties owned on September 1, 2025 lose eligibility after January 1, 2027 without approval. Public facility corporation complexes initiated on or after June 18, 2023, other than housing tax credit, tax-exempt bond or public housing deals, must, among other conditions, reserve at least 10% of units for lower-income and 40% for moderate-income households (Local Government Code 303.0421).
A registry for problem complexes. Since April 2, 2023, a city complex of five or more units with three designated code citations in a rolling six months, or one ordered in by the Building Standards Board, joins the Proactive Apartment Inspections registry, pays $100 per unit per year, gets monthly inspections for at least six months and then spends four years on probation.
State law sets the tenant rules. San Antonio's council could impose rent control only by declaring a disaster-driven housing emergency; the governor would have to approve the ordinance, and it would be continued or ended in the same manner as the state of disaster (Local Government Code 214.902). For eviction suits filed since January 1, 2026, Senate Bill 38's Property Code 24.0043 says "only the legislature may modify or suspend" eviction procedures.
Flash floods. On June 12, 2025, 6 to 7 inches of rain or more fell within a few hours and 13 people died, 11 of them near Loop 410 and Perrin Beitel; the San Antonio Report called it the city's deadliest single-day flood. Flood insurance is required in an A or V zone when the loan comes from a federally regulated lender or carries government backing, and federal building coverage tops off at $500,000 per five-plus-unit building.
Financing Options in San Antonio
Start from the card that describes your San Antonio property:
For Houston, Austin, El Paso and the rest of Texas, go to Texas apartment loans.
San Antonio Refinance Timing and the Expiring 20% Appraisal Limit
A San Antonio apartment loan refinanced this winter is sized on the 2026 tax bill, including the higher 56.288-cent city rate. The appraisal district's April 10 announcement described residential values as softening and commercial values as varying by sector, so we check your notice against the rent roll first. Tax Code 23.231, which holds yearly appraisal growth to 20% on non-homestead real property at or below an indexed $5 million, expires December 31, 2026, so a smaller building's 2027 Bexar notice could reflect the full change in market value.
A new lender will pull the property's record too: time on the inspection registry, a site inside FEMA's high-risk flood zones or an exit from a PFC or HFC exemption each raises questions worth answering early.
San Antonio Apartment Building Loans Near Bases, Hospitals and Downtown
The 2024 American Community Survey dates 39.7% of the city's housing units to before 1980 and 18.1% to 2010 or later, and 30.2% of units sit in structures with five or more apartments. We finance:
- Garden-style complexes built in the 1970s and 1980s
- Walk-ups and small buildings in historic districts such as King William and Lavaca
- Mid-rise buildings in Midtown and downtown
- Workforce housing near Joint Base San Antonio installations
- Apartment complexes near the South Texas Medical Center
- Student-oriented housing near UT San Antonio campuses
Texas Multifamily Programs for San Antonio's Bigger Properties
Big stabilized properties move to agency and institutional capital. Agency debt, whether Fannie Mae's or Freddie Mac's, can reach 80% LTV and run as long as 30 years, with recourse limited to customary carve-outs. FHA loans through HUD carry the longest amortization: Fannie Mae's term sheet for FHA Risk Share loans allows full amortization of up to 40 years. CMBS lenders offer non-recourse execution.
Program details are on San Antonio multifamily loans; agency specifics sit on our Freddie Mac page and Fannie Mae page.
San Antonio Multifamily Loan Rates
For larger balances, over $6 million
San Antonio Commercial Loans for Non-Residential Property
The same lender comparison applies when a San Antonio portfolio includes office, retail, industrial or specialty property:
Nearby Apartment Loan Markets
More Texas cities, from Houston and Dallas to Lubbock and El Paso, have pages of their own:
Houston · Dallas · Austin · El Paso · Lubbock · Plano · Arlington · Fort Worth · All Texas · Other U.S. cities
Recent Apartment Loan Closings
The recent closings below span six states, Texas among them, and every one was shopped to rival lenders before we recommended terms, as a San Antonio file would be.
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
Start with the rent roll, trailing 12-month financials, the 2026 Bexar Central Appraisal District notice and tax bill, the flood zone determination and any inspection registry history for your San Antonio building, and written terms from interested lenders will follow.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up