Wichita, Kansas
Wichita Apartment Loans in 2026
Aviation made Wichita the Air Capital of the World, and it still shapes the city's rental demand. Our Wichita apartment loans begin at $1,500,000 and go up to 80% LTV, and a stabilized building in Delano, College Hill or the east side suburbs can borrow at rates as low as 6.12%. For bigger communities, see Wichita multifamily loans; for other Kansas markets, Kansas apartment financing; and for rate details by program, our commercial mortgage rates.
Get a Free QuoteLow Rents and Growing Payrolls in the Wichita Apartment Market
Wichita entered 2026 as one of the most affordable rental markets in the country, and rents rose 2.0% over the first nine months of the year. Employment was flat into the spring, at about 316,000 metro nonfarm jobs in April, but has since picked up: September's preliminary count was about 318,000, up 1.3% from a year before.
For a lender, modest job growth and low rents point to underwriting on trailing income rather than projected increases, and that is how Wichita apartment loans are being sized this year.
Wichita Rents and the Employer Base
Rents here remain well below the national median. Apartment List's October 2026 numbers show a $1,029 median, 1.1% below last year, with one-bedrooms near $818 and two-bedrooms near $1,056.
The employment story changed at the end of 2025. Boeing completed its acquisition of Spirit AeroSystems on December 8, 2025, bringing about 15,000 employees across five sites into Boeing and folding Spirit's Wichita commercial and aftermarket operations into the company. Textron Aviation and McConnell Air Force Base, which is receiving new KC-46A tankers, add to that base, and the $300 million Wichita Biomedical Campus under construction downtown will serve about 3,000 students. For a lender, steady rents on low-cost units and a deep industrial employer base give a Wichita apartment loan a familiar story to underwrite.
Wichita Apartment Loan Rates
Rates updated as of November 3, 2026
These starting rates apply to a stabilized building. With lower rents than most markets, the debt-service-coverage test here depends heavily on keeping expenses in line, so bring a clean operating history.
| 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 Wichita Multifamily Rates Over $6 Million, Starting at 6.12%
Rates last updated November 3, 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.
Wichita Neighborhoods on Both Sides of the River
Delano sits on the west bank of the Arkansas River across from downtown and became part of the city in 1880. College Hill covers one square mile bounded by Central, Kellogg, Hillside and Oliver, about two and a half miles from downtown. Old Town is a shopping and entertainment district with more than 100 businesses and its own design guidelines, and the area around Wichita State's 330-acre campus anchors the northeast. Downtown is getting the new Biomedical Campus, a 471,000-square-foot health sciences building shared by Wichita State, the University of Kansas and WSU Tech.
Wichita neighborhoods in our lending area include:
- College Hill
- Riverside
- Delano
- Old Town
- Crown Heights
- South Central
- Fairmount
- Sleepy Hollow
- Downtown
- Midtown
- Orchard Park
- Planeview
- Hilltop
- Indian Hills
- Westlink
- Sunflower
- North End
- Pleasant Valley
Wichita Apartment Loan Programs and Starting Rates
Even at Wichita's lower price points, buildings above our minimum fit most programs. Here is what each charges to start:
| 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 |
Trailing income has to cover debt service at least 1.25 times for most lenders. Need a larger loan? Start with Wichita multifamily loans.
Rates last updated November 3, 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.
Kansas Assessment, Redemption and Local Rules in Wichita
Apartments are assessed like homes. The Kansas Constitution puts real property used for residential purposes, expressly including multifamily residential property, at an 11.5% assessment rate, while commercial and industrial real estate is assessed at 25%. That keeps apartment tax bills well below what a commercial building of the same value would pay.
Values are updated every year. The Sedgwick County Appraiser revalues property annually as of January 1 and mailed 2026 notices on March 1, with 30 days to appeal. The county's 2026 appraisal report shows a median residential value change of 9.3% from 2025, and residential property including apartments makes up 66% of the assessed value of the county's real estate. Proposals in the 2026 Legislature to cap assessment growth or require inspections before large increases did not become law, so a lender will underwrite the current appraised value and expect it to keep moving.
No mortgage registration fee. Kansas repealed its mortgage registration fee effective January 1, 2019, which keeps the cost of recording a new loan low.
Redemption rights can be waived. Kansas gives a borrower up to 12 months to redeem after a foreclosure sale, but for property other than farmland or an owner-occupied one- or two-family home, the mortgage can shorten or waive that period. Commercial lenders on apartment buildings typically ask for the waiver, so expect it in the loan documents.
No rent control or rental registry. K.S.A. 12-16,120 bars every Kansas political subdivision, counties, cities and townships included, from controlling rents on privately owned residential or commercial property, and it also keeps local governments from requiring rent or price limits as a condition of a building permit, plat, zoning change or variance. In October 2025 the City Council rejected a proposed registry of problem landlords, and in December 2025 it voted 7-0 for housing code amendments that raised fines on problem properties and expanded enforcement, without creating a registration or routine inspection program.
Financing Options in Wichita
Wichita properties generally take one of these three routes to financing:
For Overland Park or Topeka, use Kansas apartment loans.
Refinancing a Wichita Apartment Complex After Revaluation
Annual revaluation makes the tax line the first thing to check before a refinance. A higher appraisal this year flows straight into the expense side of the coverage test, so we compare your 2026 notice with the tax figure in your current loan before sizing the new one.
Wichita's rent levels also mean that capital spending shows up quickly in the numbers. If you have replaced roofs, mechanical systems or units since the last loan, document it, because Wichita apartment lenders give credit for recent work and may waive or reduce repair reserves. If you intend to keep the building for many years, HUD's fully amortizing terms can work especially well on a stable, low-cost rent roll.
Wichita Apartment Building Loans, Old and New
Local rental housing ranges from older buildings near downtown and College Hill to newer suburban communities on the east side. Common Wichita requests:
- Garden-style apartment complexes
- Older brick buildings near downtown and Delano
- Student-oriented properties near Wichita State
- Workforce housing near the aviation plants and McConnell
- Newer suburban communities on the east side
- Old Town warehouse conversions with lofts above retail
Loans start at $1,500,000; there is no smaller size.
Multifamily Lenders for Wichita's Larger Communities
At Wichita's rent levels, a loan big enough to leave the small-balance programs usually means a large community with a lot of units, and that is the size at which Fannie Mae and Freddie Mac lenders, HUD and CMBS conduits compete, generally offering non-recourse loans; Fannie Mae, for example, goes as high as 80% loan-to-value with terms as long as 30 years. Those lenders look closely at the employer base behind the rent roll, which in Wichita starts with aviation and McConnell Air Force Base.
See multifamily loans for Wichita for the large-balance programs, or weigh Fannie Mae against Freddie Mac.
Wichita Multifamily Loan Rates
For larger balances, over $6 million
Wichita Commercial Real Estate We Finance
Apartment owners in Sedgwick County often hold other property too, and we finance:
Recent Apartment Loan Closings
Every loan below was shopped to more than one lender, and Wichita requests get the same treatment.
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 Wichita Apartment Loan Quote
With the rent roll, the operating statements and the 2026 valuation notice for your Wichita building in hand, we can answer in writing with terms from the lenders most interested in it.
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- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up