Toledo, Ohio
Toledo Apartment Loans in 2026
Through Select Commercial, Toledo apartment loans start at $1,500,000 and can reach 80% LTV, with the strongest stabilized buildings pricing from 6.14%. Before naming a lender, we put each request to banks, HUD, CMBS desks, bridge funds, Freddie Mac and Fannie Mae, and every answer arrives as written lender terms. Our first two asks are the Lucas County tax bill and the rent roll, since those documents size most loans. Bigger properties have a separate page, Ohio multifamily loans; buildings in other Ohio cities fall under Ohio apartment loans; and commercial mortgage rates shows current pricing by program.
Get a Free QuoteToledo Payrolls Dip While Rents Climb
BLS puts the Toledo metro area at 301,700 nonfarm jobs for September 2026, a preliminary, not seasonally adjusted figure 0.4% below a year earlier. Spring was weaker (down 2.0% from the prior year in April and May), and only July has topped its year-earlier level since. Construction, which BLS groups with mining and logging, rose 7.0% over the year, BLS's education and health services category gained 2.1%, and manufacturing slipped 2.4%. Inside the city, the Census Bureau estimated 263,423 residents in July 2025, down from a 270,881 base in 2020, and an owner-occupied share of 53.3% for 2020 to 2024, which leaves close to half of households renting.
Toledo Rent Readings and Major Employers
Apartment List's tally for October 2026 shows a $916 median for the city, a 12-month gain of 6.2% that beats Ohio's 0.5% and the U.S. figure of -0.4%; one-bedrooms go for a median $679 and two-bedrooms $941. RentCafe, whose data covers properties of 50-plus units, recorded a $996 average in its September 30, 2026 figures, a 2.92% climb from the prior year's $968.
The Regional Growth Partnership's employer list, updated April 2024, shows ProMedica with 15,000 employees across Northwest Ohio and, in Lucas County, Mercy Health with 8,800, the University of Toledo with 5,700 and Owens Corning with 1,545. On October 14, 2025, Stellantis said it would move assembly of an all-new midsize truck to the Toledo Assembly Complex, investing nearly $400 million for a 2028 launch that could create more than 900 jobs. That employer base is what a lender weighs behind occupancy.
Toledo Apartment Loan Rates
Rates updated as of October 31, 2026
Opening rates here assume a stabilized building. With a Toledo apartment loan, the final quote also depends on what the underwriter makes of the Lucas County tax bill and the building's age.
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 6.54% | Up to 80% |
| 7 Year Fixed | 6.57% | Up to 80% |
| 10 Year Fixed | 6.61% | Up to 80% |
- Cash-out refinances are acceptable
- Interest-only and non-recourse options
- Minimum 1.25x debt-service-coverage ratio
See Toledo Multifamily Rates Over $6 Million, Starting at 6.14%
Rates last updated October 31, 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.
Toledo Neighborhoods With Landmark, Zoning and Housing News
The Old West End is a National Register district with its own historic district commission. RentCafe names the Warehouse District ($1,202 average), Downtown ($1,190) and Hampton Park ($1,012) as Toledo's most expensive neighborhoods. In December 2025, Plan Commission staff recommended landmark status for the circa-1909 Feilbach Building on South Superior Street, where 40 apartments are planned over storefronts, and a Vistula rezoning meant "to help attract more residents." The 45-unit Park Apartments, a $15 million affordable building for young adults, opened in the Middlegrounds in September 2025, and Birmingham's historic district is on the National Register for its architecture and European heritage.
We lend across these Toledo neighborhoods and in nearby Ottawa Hills, a separate village:
- Old West End
- Downtown
- Warehouse District
- Vistula
- Uptown
- Middlegrounds
- Old South End
- Birmingham
- Point Place
- Shoreland
- Old Orchard
- Westmoreland
- DeVeaux
- DeVilbiss
- Franklin Park
- Reynolds Corners
- Beverly
- Hampton Park
How Toledo Apartment Programs Stack Up
Lenders split on age and size, so Toledo apartment loans get priced across each of these programs, whether the building went up before 1940 or this decade:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.54% | 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 |
A lender's 1.25x coverage floor gets checked here against a commercial-class tax bill, about 84.87 effective mills in the main city district. For larger Toledo balances, see the separate Ohio multifamily loans page.
Rates last updated October 31, 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.
Toledo Underwriting Checklist: Ohio Statutes and Lucas County Taxes
No city rent control. Since September 23, 2022, Ohio Revised Code 5321.19, as amended by House Bill 430, has barred political subdivisions from "imposing or requiring rent control or rent stabilization." The narrow exceptions cover housing, building, health and safety codes; rents on premises a city owns or operates; and voluntary incentive plans such as tax abatements. Under Section 5321.16, the part of a deposit above $50 or one month's rent, whichever is greater, earns 5% a year if the tenant stays six months or more.
Registry and lead-safe rules. Section 5323.02 requires owners of residential rentals to register with the county auditor, and Lucas County says failure to register "may result in fines." Toledo's Lead Safe ordinance, approved in October 2020, requires a Lead-Safe Certificate before a pre-1978 rental of one to four units is rented or re-rented; certificates last 5 years after interim controls or 20 after abatement. Properties with more than four units fall outside it, but one- to four-unit rentals pledged in the same loan still need certificates.
Commercial-class taxes. Ohio Administrative Code 5703-25-10 classes apartment buildings with four or more rental units, Toledo's included, as commercial property. Assessed value in Lucas County is 35% of market value, and the 2025 effective commercial rate in the main Toledo City/Toledo City Schools district is 84.870896 mills, which works out to roughly 2.97% of market value per year; other school-district portions of the city differ. The 2024 revaluation raised values just over 29% on average countywide, and the next round, due in 2027, has moved to 2028.
2025 tax laws and school-board limits. House Bills 186 and 335, signed December 19, 2025 and effective March 20, 2026, cap growth in 20-mill-floor school taxes and unvoted inside millage at inflation. Section 5715.19 also restricts school-board challenges to the values of property a board does not own. A petition to abolish property taxes missed the 2026 ballot and is aiming for 2027.
Transfers and foreclosure. The Lucas County conveyance fee is $4.00 per $1,000 of the sale price, plus a $0.50 transfer fee per parcel, and Section 322.02 says the county transfer tax portion "shall be paid by the grantor." Foreclosure is judicial: the court orders the sale (Section 2323.07), a sale generally cannot go below two-thirds of appraised value (2329.20), the borrower may redeem until confirmation (2329.33), and a court may appoint a receiver under Section 2735.01.
Point Place levee. A 4-mile levee system, a 1987 Army Corps of Engineers project, protects about 320 acres of Point Place from high water on Lake Erie, Maumee Bay and the Ottawa River. The City calls it low-risk but says no levee can eliminate flood risk entirely, and on May 18, 2018 it reported Point Place flooding after lake and river levels rose five feet in three hours. Flood insurance is mandatory in FEMA's A and V zones on government-backed mortgages.
Financing Options in Toledo
Toledo requests divide three ways, each with its own set of lenders:
Own buildings beyond Lucas County? Statewide coverage lives on Ohio apartment loans.
Toledo Refinancing When the Tax Bill Has Already Reset
Toledo buildings carry values from the 2024 countywide revaluation, plus any later appeal results; about 3,000 owners had filed appeals by February 2025. With no countywide valuation until 2028, today's assessed value is the one a lender will underwrite, and a pending Board of Revision case should be disclosed at application.
On the income side, Apartment List has Toledo's median rent 6.2% higher than twelve months earlier as of October 2026, though loans are sized on the building's own collections. If the refinance also covers pre-1978 rentals of one to four units, have current Lead-Safe Certificates ready, since those units cannot be rented or re-rented without one.
Toledo Apartment Building Loans: Lofts, Walk-Ups and Garden Complexes
By city figures from 2022, 92% of the city's occupied homes predate 1980 and 35% predate 1940. Typical collateral includes:
- Historic loft conversions in the Warehouse District
- Pre-war walk-ups and small multifamily buildings
- Garden-style apartment complexes in Toledo
- Rentals serving University of Toledo students
- Affordable and tax-credit properties
- Mixed-use buildings with ground-floor storefronts
How Larger Toledo Properties Use Ohio Multifamily Programs
For bigger Toledo properties, agency money from Fannie Mae and Freddie Mac reaches 80% of value, terms stretch to 30 years, and personal liability is confined to the usual carve-outs. HUD amortizes longest of all: Fannie Mae's term sheet for its FHA risk-sharing execution permits full amortization across as many as 40 years. Conduit (CMBS) lenders close on a non-recourse basis, while banks keep structures flexible and often take recourse.
Because Ohio's rent-control ban leaves room for voluntary incentive agreements such as tax abatements, any abatement or regulatory agreement on a large Toledo complex goes into underwriting. See Ohio multifamily loans, or go to the agency pages, starting with Freddie Mac and then Fannie Mae.
Ohio Multifamily Loan Rates
For larger balances, over $6 million
Financing Toledo's Plants, Clinics and Shops
Toledo's industrial, office, medical and retail buildings go through the same lender search:
Nearby Apartment Loan Markets
Financing in Cleveland, Columbus or Cincinnati too? Each has a page, as does the rest of Ohio:
Cincinnati · Cleveland · Columbus · All Ohio · Other U.S. cities
Recent Apartment Loan Closings
Outside Ohio but handled the same way: each closing below went through the multi-lender comparison a Toledo file gets.
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 Toledo Apartment Loan Quote
A lender pricing a Toledo building will ask for the rent roll, the last year's operating statements, the latest Lucas County tax bill and value notice, insurance declarations and, for any one- to four-unit rentals in the package, Lead-Safe Certificates. Once those arrive, we take the file to market and come back with written terms.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up