2–50 units · Apartment buildings · Duplex to mid-rise

Multifamily loans, two tracks for two stages.

From duplexes through 50-unit apartment buildings, PML offers two distinct multifamily products from a single underwriter. Pick the value-add fix-and-flip track if you are repositioning the asset. Pick the DSCR rental track if it is already stabilized. Either way, the same team underwrites quote, closing docs, and the wire.

Quote a multifamily deal See both tracks ↓
$650M+
Capital deployed
1,450
Loans closed
50
States covered
2–50
Unit range
Large luxury residence at twilight with warm interior lighting and modern architecture

Five- to fifty-unit multifamily, fix and flip and permanent rental tracks under one underwriter.

Photo · Curtis Adams / Pexels

Why a private lender for multifamily

Agency multifamily takes 90 days. We close in 14.

Fannie, Freddie, and HUD agency loans dominate stabilized multifamily but underwrite for 60 to 120 days. That is fine for a portfolio refinance with no closing pressure. It is fatal on a value-add acquisition with a seller who has a backup offer. PML closes both tracks of multifamily in 14 calendar days or less.

Speed at scale.

A typical 25-unit Track A acquisition closes in 12 to 14 business days at PML. The same deal at a regional bank takes 60 to 90 days, and at an agency aggregator 90 to 120. The compression matters most when there is a backup offer behind you or when the seller is liquidating a portfolio to a tight timeline. We win on calendar, not just rate.

One underwriter, both tracks.

The same team that funds your Track A reposition refinances you out into Track B once the building stabilizes. No second sponsor interview, no second appraisal in most cases, no learning curve on your operating story. The handoff that kills deals at most lenders is just a memo at PML — same file, same underwriter, expedited title.

Repositioning capital, not just acquisition.

Track A funds acquisition, capex, and an interest reserve as one facility — not as separate first and second positions. You write one set of docs, sign one personal guarantee (where applicable), and draw capex weekly against the same loan that funded the close. Agency lenders cannot do this, which is why agency-financed multifamily repositionings depend on secondary capital that compresses returns.

Pick a track

Value-add or stabilized. Same underwriter either way.

Track A · Value-add

Multifamily fix & flip

For developers and investors repositioning multifamily assets through capex, re-tenanting, or a unit-mix change. We fund acquisition, capex, and an interest reserve as a single facility, drawn weekly against a stabilized exit value.

  • Loan$500K–$10M
  • LTCUp to 85%
  • Term12–24 mo
  • Rehab100% of capex funded
  • Interest reserveBuilt in
  • ExitSale or DSCR refi
Read fix & flip terms →
Track B · Stabilized

Multifamily DSCR rental

For stabilized buildings under 50 units. Permanent DSCR financing on the property’s rent — no personal income docs, 30-year amortization or interest-only, non-recourse available on qualifying deals.

  • Loan$250K–$5M
  • LTVUp to 75%
  • Term5/1, 7/1 ARM, 30-yr fixed
  • Min DSCR0.75×
  • Income docsNone
  • Non-recourseAvailable at $1M+
Read rental terms →

Multifamily terms

Numbers across both tracks.

Pricing tiers move with sponsor experience, building unit count, geography, and proforma DSCR. Every adjustment is published; nothing is negotiated on the back end.

Loan amount
$250K–$10MTrack A: $500K+, Track B: $250K+
Unit count
2–50Above 50, contact investor desk
Rate from
6.49%Track B 30-yr fixed; Track A from 9.25%
Track A LTC
Up to 85%100% of capex funded
Track B LTV
Up to 75%Purchase, 70% cash-out
Min DSCR
0.75×Sub-1.0 allowed Track B with rate adj.
Track A term
12–24 moOne 6-month extension available
Track B term
30 yrFully amortizing or interest-only
Property types
2–50 unitGarden, mid-rise, mixed-use majority residential
FICO floor
680For full leverage; sub-680 narrows LTC
Sponsor exp.
2+ MF dealsOr 3 SFR flips that scaled successfully
Recourse
Recourse / NRNR available Track B at $1M+, 1.20x+
Interest reserve
Built inTrack A only, sized to stabilization
Time to close
12–14 daysFaster on PML-to-PML refi
Coverage
All 50 statesPrimary, secondary, tertiary markets
Application fee
$0No upfront, no soft pull until quoted

From submission to wire

A multifamily loan can close in 12 business days.
Here is the path.

  1. Submit the deal

    Drop in the property, the rent roll, the operating proforma, and your repositioning plan (Track A) or stabilization narrative (Track B). No application fee, no credit pull at this stage.

    ~10 minutes

  2. Indicative terms

    Both Track A and Track B quoted within four business hours so you can pick. Soft credit inquiry runs only after you accept terms.

    ~4 hours

  3. Appraisal & title

    Commercial appraisal ordered (1025 for 2-to-4 unit, narrative commercial for 5+) in parallel with title. Most appraisals deliver within 10 to 14 business days.

    ~10–14 days

  4. Closing docs

    Same underwriter issues closing docs. No table-funding, no last-minute repricing, no fee changes between term sheet and HUD.

    ~12 hours

  5. Wire & draws

    Funds wire at close. Track A draws weekly against capex; Track B is permanent financing with no further draws after the initial wire.

    Same day

Representative scenarios

Three configurations across the multifamily product.

Illustrative deal profiles drawn from common configurations across our book. Real closings vary; these are anchor points for the math, not solicitations.

Fourplex value-add

Charlotte, NC · 4-unit class C

Track A · 13 days
Acquisition$580,000
Capex budget$165,000
As-stabilized value$945,000
Loan amount$633,250
LTC / Stabilized LTV85% · 67%
Rate / Term9.75% · 18 mo
Interest reserve$54,000
Plan: Re-tenant under new lease structure, capex on units 2 and 4. Track B refi at stabilization month 14.

12-unit garden ground-up exit

Denver, CO · suburban infill

Track A · 14 days
Acquisition (land + plans)$1.45M
Construction budget$2.85M
As-stabilized value$5.6M
Loan amount$3.66M
LTC / Stabilized LTV85% · 65%
Rate / Term9.5% · 24 mo
Interest reserve$320,000
Plan: Permits in hand. Construction funded against our construction loan; Track A multifamily takes out construction at C of O.

25-unit stabilized DSCR refi

Phoenix, AZ · garden complex

Track B · 12 days
Property value$4.2M
Aggregate monthly rent$34,500
PITIA / DSCR$28,400 · 1.21×
Loan amount$3.15M
LTV / Program75% · 7/1 ARM IO
Rate6.99%
RecourseNon-recourse
Use: Cash-out refi at stabilization. Replaced a regional bank facility, returned $400K of trapped equity to sponsor.

Illustrative only. Representative of typical configurations across our book — not specific recent closings.

Built for

Four sponsor profiles, two tracks, one rate sheet.

First-time multifamily

Scaling from SFR into 4- to 8-unit buildings.

You have three or more SFR flips on your book. Multifamily is the next step. We tighten LTC to 80 percent (vs 85 percent for repeat sponsors) and add 25 to 50 basis points of rate adjustment for the first multifamily deal. After one stabilized multifamily closing through PML, your second deal prices at our standard tier.

From 9.5% · 80% LTC · 3+ SFR flips required
Value-add operator

Repositioning 5-to-30 unit buildings.

You buy under-managed buildings, reposition through capex and re-tenanting, and either sell or refinance at stabilized DSCR. Track A funds acquisition, capex, and interest reserve as one facility. Tier-1 sponsors with 2+ completed reposition deals get full 85 percent LTC and 100 percent capex funding through weekly draws.

Up to 85% LTC · 100% capex · Interest reserve built in
Syndicator

LP-funded acquisitions with KP guarantor.

Reg D 506(b) or 506(c) syndication structures fully supported. KP signs the personal guarantee on recourse loans; LP investor pool is documented but does not need to be in the file. We work with PPMs and operating agreements regularly. Non-recourse available on Track B at $1M+ loan size and 1.20x+ DSCR.

KP/GP signature only · Non-recourse Track B
Portfolio investor

Refi cash-out across 3+ stabilized buildings.

Cross-collateralized portfolio loan against multiple stabilized multifamily assets. One closing, one origination fee, one DSCR calculation against aggregate cash flow. Portfolio size starts at $1M aggregate and scales to $25M. Rates run 25 to 50 basis points inside our single-asset Track B pricing.

$1M–$25M · 25–50 bp inside single-asset

Who qualifies

Built for investors, syndicators, and small-balance developers.

  • Property size. 2 to 50 units. Below 2 units routes to SFR products. Above 50 units, contact our investor desk for case-by-case structuring; loans up to $25M are possible on a single-asset basis with appropriate sponsor profile.
  • Sponsor experience. Two completed multifamily deals on the same product class, or three SFR flips that scaled successfully, for full leverage. First-time multifamily with a strong GP/LP structure qualifies at 80 percent LTC. First-time real estate sponsors do not generally qualify on multifamily; we route to SFR products.
  • Entity. LLC, LP, or corporation. Syndication structures with KP and signers welcomed. We work with PPMs and Reg D 506(b)/506(c) operating agreements.
  • Recourse. Non-recourse available on Track B (stabilized) at qualifying loan size ($1M+) and DSCR (1.20x+). Track A (value-add) is full-recourse standard, reflecting lender risk on repositioning.
  • Reserves. Six months of debt service for Track B; three months plus 10 percent of capex for Track A. KP/GP reserves required, LP capital does not count.
  • FICO. 680 for full leverage on the KP/sponsor. Sub-680 narrows LTC by 5 to 10 points. Soft pull only until indicative terms are accepted.
  • States. All 50 states. Primary, secondary, and tertiary MSAs. Property condition and operating history shape pricing more than ZIP code.

Multifamily FAQ

Ten operational questions, asked and answered.

For broader hard money questions — FICO floors, application flow, fee structure — see the full FAQ.

What is the difference between the value-add track and the stabilized track?
The value-add (Track A) is a short-term fix-and-flip product for buildings being repositioned. It funds acquisition, capital expenditures, and an interest reserve as one facility, drawn weekly against a stabilized exit value. The stabilized (Track B) is permanent DSCR financing for buildings already producing reliable cash flow. The two products underwrite differently: Track A is sized to the exit and as-stabilized value; Track B is sized to current DSCR. Investors often run a property through Track A to reposition, then refinance into Track B at stabilization, all with the same underwriter team.
What is the smallest multifamily property you finance?
Duplexes (2-unit) are the smallest property on the multifamily product. Below 2 units, the asset routes through our SFR fix-and-flip or DSCR rental product, depending on the strategy. Duplex-to-fourplex deals are technically eligible on either the SFR rental product or the multifamily product; we generally route 5+ unit buildings to the multifamily product and 2-to-4-unit buildings to the appropriate residential product, because the pricing and process favor that allocation.
Can you finance my 50-unit apartment building?
Yes. 50 units is the upper end of our standard multifamily product. Above 50 units, the deal routes to our investor desk for case-by-case structuring. Loans up to $10M are standard; above $10M we layer in additional underwriting on the sponsor and the operating proforma. We have closed buildings as large as 78 units on a one-off structure; we do not market that as a standard product but the path exists for the right sponsor and the right deal.
What sponsor experience do you require for multifamily?
Two completed multifamily deals on the same product class, or three SFR flips that scaled-up successfully, gets you full tier-1 leverage and pricing. First-time multifamily sponsors with a strong GP/LP structure also qualify, typically at 80 percent LTC instead of 85, and with a 25 to 50 basis point rate adjustment. A first-time sponsor with no prior real estate experience does not generally qualify on multifamily; we route those files through the SFR products until the track record is built.
Do you offer non-recourse multifamily financing?
Non-recourse is available on Track B (stabilized DSCR) at qualifying loan size ($1M+ aggregate or per-asset) and DSCR (1.20x+). Track A (value-add) is full-recourse standard, because the lender risk on a repositioning loan is materially higher than on a stabilized cash-flowing asset. Non-recourse on Track B carries a rate adjustment of 25 to 50 basis points over standard recourse pricing, reflecting the loss-severity coverage we are providing.
Can you fund a syndicated multifamily acquisition?
Yes. We finance acquisitions held by syndication structures (LLC with KP guarantor, LP/GP structure with sponsor signatures, or single-purpose LLC fed by a Reg D investor pool). The KP/sponsor signs the personal guarantee on recourse loans; the LP investor pool does not need to be in the file. We work with PPMs and operating agreements regularly; submit the structure and we will tell you which signatures we need at close.
How do draws work on a multifamily fix and flip loan?
Same as our single-family fix-and-flip product. Weekly draw cycles, inspector clears within one business day, reimbursement wires within 48 hours of clearance. The Schedule of Values on multifamily is typically more detailed than SFR (per-unit interior buildouts, per-building exteriors, common-area capex) but the mechanics are identical. Tier-1 sponsors with track record fund 100 percent of capex through draws; first-time multifamily sponsors carry a 5 to 10 percent capex holdback that releases as the project progresses.
Can the loan cover an interest reserve so the project does not have to cash-flow during repositioning?
Yes. Track A multifamily loans include a built-in interest reserve sized to the projected debt service through stabilization, funded as part of the facility at close. The reserve draws automatically each month against accrued interest; you do not need to wire the debt service from operating accounts during the value-add phase. The reserve is sized to cover 100 percent of interest through the projected DSCR-refinance milestone, with a 10 percent buffer for timeline slippage.
What appraisal type do you require on multifamily?
5-to-50 unit buildings require a small-income-residential or commercial appraisal (1025 form for 2-to-4 unit, narrative commercial appraisal for 5+). For value-add deals (Track A) we order a subject-to-completion appraisal that values the property as-stabilized based on your repositioning plan and pro forma rents. Appraisal turnaround is 10 to 14 business days for commercial work; we order in parallel with title so the loan can close the day the appraisal delivers.
Do you finance multifamily condo conversions or condo-to-rental reversions?
Conversions are case-by-case. Multifamily-to-condo conversions are eligible on Track A with permitted entitlement and a credible exit strategy; we underwrite the loan against per-unit sellout value. Condo-to-rental reversions (un-doing a failed condo conversion) qualify on either track depending on the unit count and current occupancy. Submit the deal with the entitlement status and proposed plan; we will quote within four business hours.

One submission, both tracks quoted.

Tell us where the asset is, where it is going, and we will quote both tracks at once so you can pick the one that survives the math.

Quote a multifamily deal →

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