Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
San Diego, California
San Diego Apartment Loans in 2026
Select Commercial specializes in San Diego apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 6.16% and up to 80% LTV. For properties elsewhere in the state, see our California apartment loans; for loans over $6 million, see San Diego multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in San Diego
San Diego apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See California apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
San Diego Apartment Loan Rates (Under $6 Million)
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Apartment 5 Year Fixed | 6.16% | Up to 80% |
| Apartment 7 Year Fixed | 6.14% | Up to 80% |
| Apartment 10 Year Fixed | 6.16% | Up to 80% |
- Rates as low as 6.16% on San Diego apartment loans
- Up to 80% LTV on apartment financing
- Terms and amortizations up to 30 years
- Purchase and refinance, including cash-out
- No upfront application or processing fees
- 48-hour written pre-approvals, no cost or obligation
Rates last updated August 10, 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 Diego Apartment Loan Programs
As a broker, we compare every program to find your best-fit San Diego apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.16%-6.95% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $1M to $7.5M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25%-6.50% | 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 Diego multifamily loans.
2026 San Diego Apartment Loan Market: A Younger Renter Pool Keeps the Sector in a Low-Vacancy State
Out-of-reach home prices and a large 20- to 34-year-old renter pool allow San Diego's apartment sector to remain in a low-vacancy state. Record university enrollment should keep the metro's younger renter base sizable for the foreseeable future.
Employment
Hiring improves modestly across San Diego, translating to an additional 6,000 roles, though the traditional office-using sector may continue to record near-term job losses.
Construction and supply
For the 14th straight year developers add more than 2,000 units, but the 0.7 percent stock growth projected for 2026 ranks as the metro's smallest annual increase since 2012.
Vacancy
Demand slightly outpaces supply, lowering vacancy to 4.0 percent, among the 15 least vacant major markets.
Rent trend
Renewals are expected to drive rent growth, with the year-end effective rate of $2,880 per month ranking as the nation's seventh-highest average.
2026 San Diego forecast at a glance:
- Hiring adds 6,000 roles despite office-using sector losses.
- Stock grows 0.7 percent, the smallest annual increase since 2012.
- Vacancy falls to 4.0 percent, among the 15 least vacant major markets.
- Average effective rent reaches $2,880 per month, seventh-highest nationally.
San Diego Multifamily Loans (Over $6 Million)
For larger San Diego 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 Diego 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 Diego Apartment Loan Types We Serve
Whether you are purchasing or refinancing a San Diego 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 Diego
As a full-service commercial mortgage broker, we arrange San Diego financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
San Diego Neighborhoods We Serve
Select Commercial provides apartment loans throughout San Diego, California and the surrounding area, including:
- Gaslamp Quarter
- Little Italy
- North Park
- Hillcrest
- La Jolla
- Pacific Beach
- Ocean Beach
- Bankers Hill
- Mission Valley
- Kensington
- Normal Heights
- Barrio Logan
- University Heights
- Golden Hill
- Point Loma
- Mission Hills
For other cities in the state, see California apartment loans.
Nearby Apartment Loan Markets
We finance apartment buildings nationwide. Explore related markets:
Los Angeles · San Jose · Sacramento · Lancaster · Stockton · Long Beach · Oakland · Pasadena · Riverside · San Bernardino · San Francisco · Concord · Fresno · All California · 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 Diego Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on San Diego 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