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Apartment and Multifamily DSCR

10+ Unit Apartment
DSCR Loans.

This page covers apartment buildings and multifamily properties with 11 or more units. A 10 unit building fits 5 to 10 Unit DSCR. Retail, office, and other non-residential assets fit Commercial DSCR.

We finance 12 unit, 14 unit, 20 unit, and larger apartment buildings when other DSCR lenders stop at 4 or 10 units. If you arrived after a decline elsewhere, that is usually the reason.

Get a QuoteSee typical terms
Program Snapshot
$500K
Min loan
$15M
Max loan
11-200
Units
75%
Max LTV
Above the 10 unit ceiling most DSCR lenders use
25 to 30 year terms, 5/7/10 year hybrids available
As low as 1 day seasoning on select cash out refinances
Above 10 units

Built for apartment buildings
other lenders pass on.

Most DSCR lenders cap at 4 units. Some stretch to 10. If you own a 12 unit apartment building, a 14 unit garden property, or a 20 unit multifamily asset, you are often searching for someone who goes above that ceiling. That is this program.

Loan sizes on 10+ unit apartment refinances typically run $500,000 to $15,000,000. Max LTV is typically 75% on rate-and-term and cash out refinances. Terms are usually 25 to 30 years fixed, with 5, 7, and 10 year hybrid options available. Minimum physical occupancy is typically 70% at close.

Purchases of stabilized 10+ unit buildings are considered also.

Why lenders say no

The 10 unit wall

A 10 unit building is not a bigger fourplex. Once you cross 10 units, many residential DSCR programs end. The lender may not have a product slot for a 12 unit apartment building even when occupancy is strong and NOI is clean.

Agency small balance programs can work on some 11 to 25 unit garden deals, but they bring a heavier process. Investors who want DSCR speed and documentation on a stabilized 14 unit or 20 unit building often need a lender that underwrites apartment NOI without forcing a full agency path.

If you were declined above 10 units, ask whether the lender actually offers 10+ unit DSCR. Many do not. The decline may be a product limit, not a judgment on your building.

Typical terms

What you can typically borrow

On 11 to 200 unit apartment and multifamily properties, loan amounts typically run $500,000 to $15,000,000. Max LTV is typically 75% on refinance and cash out. Combined LTV up to 90% is possible when subordinate debt fills the gap and the borrower retains at least 10% equity.

These are typical ranges, not a quote. Final terms depend on NOI, occupancy, property condition, credit, and market.

Primary use
RefinanceRate-and-term, cash out, bridge refinance. Select stabilized purchases
Loan amount
$500,000 to $15,000,000
Unit count
11 to 200
Max LTV
75%Including cash out refinances on stabilized assets
Max combined LTV
90%First lien typically up to 75%. Subordinate debt may fill the gap. 10% borrower equity required
Loan term
25 to 30 year5, 7, 10 year hybrid options available
Amortization
30 year amortizing10 year interest only option available
Property seasoning
As low as 1 daySelect cash out refinances. See no-seasoning rules for 5+ units
Recourse
Full recoursePersonal guaranty required
Prepay
Step down5/4/3/2/1 standard structure
Minimum occupancy
70%Physical occupancy at close
Minimum DSCR
None to 0.9xNo minimum under $1M. 0.9x on loans of $1M or more
Refinancing or buying 10+ units?
Share the rent roll and T-12. We will confirm pricing and how much you can typically borrow.
Get a Quote
Documents

What to send for an apartment refinance

A complete package speeds the first review. See our apartment refinance document checklistfor detail.

✓Property address and legal unit count
✓Current rent roll with lease dates and delinquency
✓Trailing twelve-month operating statement (T-12)
✓Entity documents for closing entity
✓Summary of capital improvements since acquisition
✓Insurance declaration page or quote
10+ Unit Questions

Frequently asked

Do you finance apartment buildings above 10 units?+
Yes. This program covers 11 to 200 unit stabilized apartment and multifamily properties. Loan sizes typically run $500,000 to $15,000,000 with up to 75% LTV on refinance and cash out, including deals where other lenders stopped at 10 units.
Why did another lender decline my 12 unit or 14 unit building?+
Many DSCR lenders cap at 4 or 10 units. Above that ceiling, the deal moves to NOI-based underwriting with rent roll, T-12, occupancy, and sponsor review. If your lender only underwrites small residential DSCR, a 12 unit apartment building is outside their box even when the property is stabilized.
How is a 10+ unit apartment refinance underwritten?+
Underwriting is NOI based. We review trailing twelve-month operating statements, current rent roll, physical occupancy, capital improvements, and sponsor strength. DSCR is calculated from net operating income against the proposed loan payment. Minimum occupancy is typically 70% at close.
What documents do I need for an apartment refinance?+
Start with address, unit count, current rent roll, trailing twelve-month operating statement, payoff or purchase contract, entity documents, and a summary of recent capital improvements. Larger deals may also need property condition review, environmental work, and updated insurance.
Can I cash out a recently purchased apartment building?+
Yes on select deals. Property seasoning can go as low as 1 day on DSCR cash out. For 5+ unit and commercial property, no-seasoning cash out up to 75% LTV generally requires distressed acquisition, improved occupancy since purchase, or completed rehab that explains why value exceeds the recent purchase price.
Is this loan recourse or non recourse?+
Full recourse with a personal guaranty on all loans in this program. For non recourse options at this loan size, agency programs such as Fannie Mae or Freddie Mac small balance are typically the better fit.
Where does Capituro offer multifamily DSCR and apartment cash-out?+
In 35 states, including Florida, Texas, Georgia, Tennessee, Colorado, Pennsylvania, Illinois, Washington, Montana, Ohio, Virginia, and more. Five to ten unit and 10+ unit apartment deals are reviewed by legal unit count, NOI, and occupancy. Send the address for a first read.
Can Capituro cash out refinance an apartment building in my state?+
Yes on eligible stabilized multifamily in the 35 states we close in, including Florida, Texas, Georgia, Tennessee, Colorado, Pennsylvania, Illinois, Washington, Montana, Ohio, Virginia, and more. Five to ten units usually route to small multifamily DSCR. Eleven units and larger usually route to 10+ Unit DSCR. Share the address, unit count, rent roll, and target cash-out amount.
Related Programs

Other programs

View all programs

5 to 10 Unit DSCR

For 5 to 10 unit apartment buildings below this program's 11 unit floor.

Bridge

Lease-up or value add before permanent DSCR refinance.

Cash Out Refinance

Scenario guide when you want equity but need to find the right program lane.

Get Started

Have a 10+ Unit Deal?
Let us Quote It.

Refinance, cash out, or a stabilized purchase. Send rent roll and T-12 for the fastest first look.