Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
San Francisco, California
San Francisco Apartment Loans in 2026
Select Commercial specializes in San Francisco 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 California apartment loans; for loans over $6 million, see San Francisco multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in San Francisco
San Francisco 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 Francisco Apartment Loan Rates
Rates updated as of August 21, 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 21, 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 Francisco Apartment Loan Programs
As a broker, we compare every program to find your best-fit San Francisco 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 Francisco multifamily loans.
2026 San Francisco Apartment Loan Market: Market Poised to Benefit From a Regional Economic Upswing
San Francisco's multifamily market is expected to stabilize this year after a strong 2025. A growing role in AI and tech innovation continues to create high-paying jobs and reinforce renter demand, especially downtown.
Employment
San Francisco will see fewer jobs lost in 2026 than in any of the prior three years, though the loss of white-collar roles continues to outweigh gains in other sectors.
Construction and supply
The delivery pipeline will contract further this year, marking the lowest level the metro has seen since 2012, with two-thirds of total deliveries opening in San Mateo and Redwood City.
Vacancy
After strong compression last year, the overall metric will tick up to 4.3 percent by December, still 70 basis points below the metro's long-term average.
Rent trend
Rents will continue to steadily increase, with the average effective rent reaching $3,220 per month by year-end, up 3.4 percent.
2026 San Francisco forecast at a glance:
- Job losses ease to the smallest total in four years.
- The delivery pipeline shrinks to its lowest level since 2012.
- Vacancy ticks up to 4.3 percent, still below the long-term average.
- Average effective rent reaches $3,220 per month, up 3.4 percent.
San Francisco Multifamily Loans (Over $6 Million)
For larger San Francisco 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 Francisco 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 Francisco Apartment Loan Types We Serve
Whether you are purchasing or refinancing a San Francisco 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 Francisco
As a full-service commercial mortgage broker, we arrange San Francisco financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
San Francisco Neighborhoods We Serve
Select Commercial provides apartment loans throughout San Francisco, California and the surrounding area, including:
- South of Market
- Mission District
- Noe Valley
- Marina
- Pacific Heights
- Hayes Valley
- Nob Hill
- Russian Hill
- Sunset
- Richmond
- Haight-Ashbury
- Castro
- North Beach
- Mission Bay
- Financial District
- Bernal Heights
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 Diego · 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 Francisco Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on San Francisco 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