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: September 7, 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: 4.78% Est. CMBS Range: 6.25% – 11%+ (typical 6.75% – 9%)as of Sep 7, 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.

Talk to PeerSense 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

$10 million and up

Loan Products

CMBS

Indicative only, as of September 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.

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. Indicative levels that lenders in our network have been pricing across these programs, as of September 1, 2026.

Originator warehouse

$100M a month

Focus $100 million a month. Will look at $10 million a month. $10 million is not the focus.

See current rates

Invoice Factoring

0.5–3.5% / 30d

B2B invoices from $20 million a month. Advance 80 to 95 percent of face.

See current rates

Bridge Loans

9.00–14.00%

$10 million and up. Cash in about 35 percent. Name the takeout first.

See current rates

Data Center

CRS to 89%

$1 billion to $30 billion plus. Signed or guaranteed hyperscaler lease.

See current rates

Contracted revenue sale

Up to 89%

15 year lease signed or guaranteed by a hyperscaler. Size follows the lease.

See current rates

Hotel Financing

Hotel is search only. Public floor $10 million and up. Cash in about 35 percent.

See current rates

Private Credit

7.80–18.00%

Non-bank flexibility. Public CRE floor $10 million and up.

See current rates

SBA 7(a) & 504

Search path. Not a growth lane on this desk.

See current rates

DSCR Investor

Search path. Public CRE floor $10 million and up.

See current rates

Connect with PeerSense, Direct Capital Advisory

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

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Fee at closing only · Complimentary initial consultation

Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated September 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 September 2026 and may not reflect current conditions at the time of reading. PeerSense sources capital through a curated network of commercial lenders and capital sources. 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.