Multifamily loan packages and lender matching
Multifamily has the deepest lender pool in commercial real estate: agency, bank, debt fund, life company and CMBS programs all compete for it. That makes the box matter more, not less. The right lender depends on unit count, vintage, occupancy trend and the sponsor's track record.
What lenders scrutinize on multifamily.
Rent roll quality
Occupancy, loss to lease, concessions and how many tenants are actually paying. Lenders read the rent roll line by line.
Trailing income, not pro forma
Permanent lenders size on in-place NOI from the T-12. Bridge lenders will look at the business plan, but still want the trailing number.
Expense realism
Payroll, insurance, taxes after sale and replacement reserves. A light expense line gets re-underwritten and the loan shrinks.
Sponsor experience
Units owned and operated, comparable deals and liquidity relative to the loan. Agency and bank programs have explicit thresholds.
Market and submarket
Supply pipeline, rent growth and the property's position against comps.
What goes in the package
- Current rent roll with unit mix and lease dates
- T-12 operating statement
- Owner's budget or pro forma
- Appraisal or broker opinion of value
- Capital expenditure history and plan
- Sponsor bio, track record and financial statement
- Property photos
- Rent comps and sales comps
Metrics lenders size on
| DSCR (permanent) | Often 1.20x–1.35xVaries by lender, loan program and market. |
| LTV (permanent) | Often 65%–80%Varies by lender, loan program and market. |
| Debt yield | Often 7%–9%Varies by lender, loan program and market. |
Illustrative ranges, not a quote or a commitment from any lender.
Questions
What do lenders want in a multifamily loan package?
A current rent roll, a T-12, a realistic expense picture, the sponsor's track record and the business plan, all presented with coverage and leverage calculated on in-place numbers.
Does Dori support multifamily deals?
Yes. Multifamily is one of the supported property types. Dori extracts the rent roll and T-12, populates your model, scores the deal against lender boxes and builds the package.
Should I size on T-12 or pro forma NOI?
Permanent lenders generally size on trailing in-place NOI. Bridge lenders may give credit for a business plan, but will still underwrite the T-12. Show both, clearly labelled.
One closed deal covers the year.
Start on the introductory rate and see a package come out of a real deal this week.