What is the minimum unit count for multifamily CMBS?

There is no strict minimum unit count for CMBS, but most conduits prefer 20+ units for underwriting efficiency. Properties with 5-19 units can qualify but may see slightly wider spreads. The key factor is loan size ($2M+ preferred) rather than unit count.

Does CMBS require personal financial statements for multifamily?

CMBS underwriting focuses primarily on the property, not the borrower. While sponsors must meet net worth (typically 25% of loan) and liquidity (5% of loan) requirements, detailed personal financial disclosure is minimal compared to agency or bank programs.

Can I get interest-only on a multifamily CMBS loan?

Yes. Strong multifamily deals at 60% LTV or below with DSCR above 1.40x frequently qualify for 1-5 years of interest-only payments followed by 30-year amortization. At 65% LTV, interest-only is available for experienced sponsors with strong portfolio track records.

Published: March 31, 2026·Last updated: May 16, 2026·By Ed Freeman, Capital Advisor — PeerSense

What is the best financing for multifamily at 65% LTV?

Stabilized multifamily properties at 65% LTV qualify for CMBS non-recourse fixed-rate financing typically priced 6.75%–9% for stabilized assets, with the strongest sponsors at 60% LTV reaching 6.25% for 10-year terms with 30-year amortization. CMBS provides non-recourse terms on multifamily assets where agency lending (Fannie/Freddie) is unavailable or impractical, particularly for smaller apartment portfolios and mixed-quality assets.

Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder

Prime: 6.75% 10-Yr Treasury: 4.25% Est. CMBS Range: 6.25% – 11%+ (typical 6.75% – 9%)as of Mar 19, 2026

Multifamily

Multifamily CMBS Non-Recourse Financing

Stabilized multifamily properties at 65% LTV qualify for CMBS non-recourse fixed-rate financing from approximately 6.25% on the strongest stabilized deals (typical 6.75%–9%). 10-year terms, 30-year amortization, fully assumable debt for apartment investors.

Minimum 30-35% equity required. Multifamily investors with stabilized apartment properties at 90%+ occupancy who need non-recourse terms.

Discuss Your Multifamily Deal Call (317) 452-6990

KEY TERMS

Deal Parameters at a Glance

LTV Target

65%

Est. Rate Range

6.25% – 11%+ (typical 6.75% – 9%)

Term

5-10 years fixed

Recourse

Non-recourse

DSCR

1.25x minimum

Closing Speed

45-60 days

Min Loan Size

$2M

Loan Products

CMBS

FIT ASSESSMENT

When Is This the Right Fit?

CMBS is the right fit for multifamily when your property does not qualify for agency (Fannie Mae/Freddie Mac) programs due to property condition, smaller unit count, mixed-use components, or borrower characteristics. CMBS provides the same non-recourse benefit as agency at competitive rates and without the stringent agency requirements around property condition, reserves, and borrower financial disclosure. If your property is in excellent condition with 50+ units, check agency pricing first, as agency rates are typically 25-75 bps lower. For smaller multifamily (5-49 units) or properties needing flexibility, CMBS is often the better path.

Want the full program overview, current rate sheet, and underwriting matrix? See the CMBS Loans guide →

ADVANTAGES

Key Benefits

Non-recourse financing on multifamily assets that do not qualify for agency programs

No income verification or tax return requirements for the borrower

Fully assumable debt adds significant value at disposition

30-year amortization with interest-only options for strong sponsors

Fixed rate eliminates interest rate risk through the next cycle

ALTERNATIVES

Strategic Alternatives

Mixed-Use CMBS 65% LTV

If your multifamily has ground-floor retail or other commercial components

Learn more

CMBS Balloon Maturity Refinance

If your existing CMBS or agency loan is approaching balloon maturity

Learn more

DSCR Rental Loans

If your property is 1-4 units and you need investor-friendly terms

Learn more

Frequently Asked Questions

CMBS is preferred when the property has deferred maintenance, fewer than 50 units, mixed-use components, or when the borrower prefers not to provide personal financial statements. Agency programs (Fannie/Freddie) have stricter property condition and borrower disclosure requirements.

See Related Rates by Program

PeerSense covers the full commercial capital stack. Rates and structures across our money pages — updated weekly.

SBA 7(a) & 504

5.50–11.75%

Up to $5M acquisition / real estate / equipment, 10% down

See current rates

Bridge Loans

9.00–14.00%

12–36 mo transitional, SOFR + 470-970 bps, 65-75% LTV

See current rates

DSCR Investor

5.95–8.50%

30-yr fixed rental, qualifies on property cash flow

See current rates

Equipment Financing

5.50–12.00%

Loan, lease, SBA 504, vendor, captive — Section 179 eligible

See current rates

Hotel Financing

5.85–11.75%

CMBS + SBA 504 + bridge + PIP across all flags

See current rates

Mezzanine Debt

11.00–18.00%

Subordinate to senior, $1M–$50M, capital stack fill

See current rates

Private Credit

7.80–18.00%

Non-bank flexibility, unitranche, recap, transitional

See current rates

Invoice Factoring + ABL

0.5–3.5% / 30d

B2B receivables, trucking / staffing / construction / govt

See current rates

No-Doc CRE

7.50–11.50%

Limited-doc commercial, asset-based underwriting

See current rates

Connect with PeerSense — Direct Capital Advisory

PeerSense pre-underwrites every deal before presenting it to our institutional capital sources. With 500+ lender relationships and live market rate intelligence, we match your multifamily deal with the right capital source — right now.

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No upfront retainer · Fee at closing only · Complimentary initial consultation

Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated March 2026.

Disclaimer: The information on this page is provided for educational purposes only and does not constitute financial, legal, or investment advice. Rates, terms, and availability are subject to change based on market conditions, property characteristics, and borrower qualifications. The rate ranges cited reflect approximate market pricing as of March 2026 and may not reflect current conditions at the time of reading. PeerSense is a capital advisory firm, not a lender. We do not originate, fund, or service loans. All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. Borrowers should consult with qualified financial and legal professionals before making any financing decisions.