How does multifamily debt sizing work?

Each multifamily program runs its own 3 constraint underwriting test: DSCR floor, LTV cap, and Debt Yield minimum. The smallest result is your maximum loan. Different programs have different constraints, Fannie DUS at 1.25x DSCR / 80% LTV / ~7.5% debt yield; HUD 223(f) at 1.176x DSCR / 85% LTV / similar debt yield; CMBS at 1.25x DSCR / 75% LTV / 7.5 to 8.0% debt yield. The right program is the one that delivers the loan size + features the sponsor needs.

Which multifamily program prices tightest?

May 2026 ranking: HUD 223(f) tightest at 5.10 to 5.75% (35 yr fully amortizing fixed). Fannie DUS 5.25 to 5.95%. Freddie Optigo + SBL 5.30 to 6.00%. CMBS multifamily 5.50 to 6.30%. Bank portfolio 6.25 to 7.50%. Multifamily bridge 8.50 to 11.50%. Tightest pricing comes with most underwriting friction, HUD 6 to 9 month timeline + MAP sponsor approval.

What's HUD 223(f) and why is it the cheapest?

HUD 223(f) is FHA insured permanent multifamily debt for stabilized properties. 35 year fully amortizing fixed rate, non recourse, assumable. Tightest rates because of FHA insurance + government backing. Trade off: 6 to 9 month underwriting timeline, MAP list sponsor approval required, $50K+ MIP funding fee, prevailing wage labor compliance during construction or substantial rehab. Best fit: long hold sponsors $5M+ with patience for the timeline.

Free Multifamily Tool

Multifamily Debt Sizer

NOI + appraised value → max loan across HUD, Fannie, Freddie, CMBS, bank, bridge. 3 constraint test per program (DSCR / LTV / Debt Yield). May 2026 rates.

Trailing 12 Month NOI

Appraised Value

Program Producing Largest Loan

HUD 223(f): $20.00M (Debt Yield binds at 5.40%)

Program	Rate	Max Loan	Binding	By DSCR / LTV / DY
HUD 223(f)	5.40%	$20.00M	Debt Yield	$20.04M / $21.25M / $20.00M
Fannie Mae DUS	5.60%	$17.42M	DSCR	$17.42M / $20.00M / $20.00M
Freddie Mac Optigo	5.65%	$17.32M	DSCR	$17.32M / $20.00M / $20.00M
CMBS Multifamily	5.85%	$16.95M	DSCR	$16.95M / $18.75M / $20.00M
Bank Portfolio	6.85%	$13.79M	DSCR	$13.79M / $18.75M / $18.75M
Multifamily Bridge	9.50%	$14.35M	DSCR	$14.35M / $18.75M / $17.65M

May 2026 indicative rates. HUD 223(f) prices tightest but adds 6 to 9 month timeline + MAP sponsor approval + MIP fee. Agency (Fannie/Freddie) is the institutional default. CMBS adds cash out flexibility. Bridge for value add transitions.

About these figures

Rate, spread, leverage and term levels shown here are indicative. They reflect general conditions among direct capital sources as of October 1, 2026 and describe what the market has recently supported, not an outcome available to any specific borrower.

Actual pricing, leverage and terms are determined by the lender through underwriting, once full transaction materials have been reviewed. Nothing shown here is a quote, a commitment, an offer of credit or a guarantee.

PeerSense is a capital advisory firm. We source capital through a curated network of commercial lenders and capital sources. Every credit decision belongs to the lender.

Market conditions move. Figures may change without notice, and a level that cleared last quarter may not clear today. What these terms mean.

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Reading the Output

The "Max Loan" column shows what each program will fund given your NOI + appraised value. The "Binding" column shows which constraint is the limiting factor. The largest loan wins for capital efficiency, but each program has trade offs.

HUD 223(f) typically produces the largest loan AND the tightest rate, but at a 6 to 9 month timeline + MAP sponsor approval. For most stabilized $5M+ multifamily refis, agency (Fannie or Freddie) is the right pragmatic choice. CMBS wins when sponsor needs cash out + portfolio recap features. Bridge for value add holds with stabilization then permanent take out path.

Need program routing for your multifamily deal?

PeerSense routes multifamily deals across Fannie / Freddie / HUD / CMBS / bank / bridge based on sponsor profile + hold thesis + leverage need. Pre cleared submissions close 14 to 28 days faster.

Today's Multifamily Rates