Financing a 10+ unit apartment building
Which lenders finance an apartment building with 10 or more units?
A 10-plus-unit apartment building is still multi-family, but it is a bigger loan than a 5-9 unit building almost by definition, and that loan size — not the unit count itself — is what actually separates the two rosters in this directory.
- Multi-family loan A 10-plus-unit building is commercial multi-family financing at the higher end of loan size that only a subset of multi-family lenders publish a maximum loan amount large enough to reach.
- A 5-9 unit multi-family loan sized for a smaller building The underwriting category is the same, but a lender whose published maximum loan amount tops out well under what a 10-plus-unit building costs is not a fit regardless of how it handles smaller multi-family deals.
Lenders in the directory
Who publishes criteria this deal clears
Matched across all 37 lenders in the directory on published maximum loan amount. This list is computed from stored criteria, not curated — it changes when a lender’s published figures change.
No lender in this directory publishes a criterion that this deal clears.
That is a statement about published information, not about whether the deal is financeable. It means every lender here either does not write the product or has not published the threshold this scenario turns on — so the only way to find out is to ask. Start with the 2 below.
Writes the product, has not published the threshold
These 2 carry a relevant product but have not published the figure this scenario depends on, or carry no verification date. We will not claim they qualify and we will not claim they do not — ask them directly.
Same classification, different ceiling
Nothing in the underwriting category changes between a 6-unit building and a 16-unit building — both are commercial multi-family, both are appraised on income. What changes is the dollar amount on the note. A 10-plus-unit acquisition routinely prices well above what a small apartment building costs, and a lender’s published maximum loan amount is a real constraint that either reaches that number or does not.
Why this page filters on loan size instead of unit count
No lender in this directory publishes a unit-count cutoff — none of the three multi-family lenders here state "we go up to 9 units" or "we start at 10." What they do publish is a maximum loan amount, and that figure is the honest way to separate a small apartment building from a large one. This page applies a loan-size floor to the same multi-family product filter used on the 5-9 unit page, which is why the two rosters below are not identical.
What tends to move at this size
Larger multi-family deals more often involve a syndication or multiple investors on title, a more detailed capital expenditure schedule, and lender scrutiny of property management — a 10-plus-unit building rarely gets self-managed the way a duplex does, and a lender evaluating a loan this size will ask who runs the property day to day.
What to have ready
- Trailing twelve months of operating statements across all units
- Third-party property management agreement or plan
- Capital expenditure schedule and reserve plan
- Sources-and-uses summary if multiple investors are on the deal
Questions
Why does this page have a different lender list from the 5-9 unit page?
Is a 10-unit building underwritten differently from a 50-unit building?
Does self-management disqualify a large multi-family deal?
Terms used on this page
- Net Operating Income (NOI) — Net operating income is a property’s annual income minus its operating expenses, calculated before any mortgage payment. It measures what the property earns, independent of how it was financed.
- Capitalization Rate (Cap Rate) — A cap rate is a property’s annual net operating income divided by its price or value, expressed as a percentage. It is the unlevered yield the property produces at that price.
- Form 216 (Operating Income Statement) — Form 216, the Operating Income Statement, is an appraisal form used alongside a small residential income property appraisal to develop the estimated income and expenses that support an income-approach opinion of value.