Best Agency Multifamily Lenders for 2026 Best Agency Multifamily Lenders for 2026

By Multi-Family USA Editorial Team · Published 2026-10-07 · Updated 2026-10-07 · 9 min read

You cannot borrow from Fannie Mae or Freddie Mac directly. Agency loans on 5+ unit apartments are originated by approved lenders that sell the loan to the agency: Delegated Underwriting and Servicing (DUS) lenders for Fannie Mae, and Optigo lenders for Freddie Mac. This page groups lenders that publish agency programs by how they fit a deal. It is not a ranking.

Methodology: what we looked at

• Program availability. Whether the lender, or Freddie Mac, describes a program for multifamily properties with five or more units on its own site or in its own directory.
• Published terms. Loan size, term, leverage, DSCR and recourse, but only where the lender or agency states them. Where a figure is not published we write “not published” rather than estimate it.
• Loan size range. The minimum and maximum each lender publishes. Many publish neither.
• Geography. Nationwide, or the limits a lender states.

What we did not do. We did not rank lenders, collect or show rates, test service or closing speed, or receive lender-supplied data. Groups are by fit, not by quality. Terms change, so confirm everything with the lender.

Sources and date. Lender program pages, term sheets, Freddie Mac’s Optigo directory and term sheets, and HUD’s program descriptions, all read in October 2026. Each row below links to its source.

Lenders grouped by fit

National platforms with both Fannie Mae and Freddie Mac

These lenders describe both agency channels on their own sites and appear in Freddie Mac’s Optigo directory. They also tend to offer HUD/FHA, bridge or both, which helps when a deal may change course.

• Arbor: Fannie Mae DUS; Freddie Mac Optigo. Its Fannie page lists 18 programs, including Small Loan, workforce, student and manufactured housing. Its Freddie page lists 15, including Conventional Small.
• Berkadia: Fannie Mae Small Loans; Freddie Mac programs. Small-loans page: 5+ units, nationwide, non-recourse with standard carve-outs. Its Freddie text still describes the retired SBL program; Freddie’s current small-loan product is Optigo Conventional Small, so confirm current terms.
• Greystone: Fannie Mae DUS; Freddie Mac Optigo. States it can originate, underwrite and close for Freddie Mac anywhere in the US. Its Fannie page lists 12 programs, including Small Mortgage Loans, seniors and student housing.
• Lument: Fannie Mae DUS; Freddie Mac Optigo; HUD/FHA. States it is a Fannie DUS lender, a Freddie Optigo Seller/Servicer and a HUD MAP and LEAN lender. Also lists balance-sheet and capital-markets options.
• Walker & Dunlop: Fannie Mae DUS (incl. Small Loans); Freddie Mac Optigo. Small-balance page: fully stabilized 5+ unit properties nationwide. Fannie terms shown: 5-30 years, 30-year amortization, 80% LTV, non-recourse. The page does not describe Freddie’s small-loan product; Freddie’s current one is Optigo Conventional Small, which replaced the retired SBL, so confirm Freddie small-loan terms with the lender.
• CBRE: Freddie Mac, Fannie Mae and FHA programs. Its page also lists bridge, construction, small-balance and mezzanine debt, with a network of life companies, banks and institutional lenders.

Other Optigo-listed lenders worth requesting a quote from

Smaller or more specialized platforms in the same directory. Their pages publish less on size, so expect to ask for specifics.

• Merchants Capital: Fannie Mae; Freddie Mac Optigo (affordable); HUD/FHA. States it is one of 20 Freddie Optigo Targeted Affordable Housing Sellers/Servicers nationwide. Also lists USDA Section 538.
• BWE: Freddie Mac Optigo. Fixed and variable-rate options, non-recourse loans, terms of 5-30 years. Property types shown: conventional, affordable, seniors, manufactured and student housing.
• NewPoint Real Estate Capital: Fannie Mae; Freddie Mac; HUD/FHA; bridge. Describes itself as national and vertically integrated: it originates, sells and services loans. Home page lists agency, HUD/FHA and bridge financing.

Comparison table

“Not published” means the lender’s own page or term sheet does not state it. Figures are as published in October 2026 and can change.

Program rules are summarized in Fannie Mae multifamily loan requirements.

Where Multi-Family USA fits

Multi-Family USA is a lender-matching option, not a lender. We review a 5+ unit deal and route it to lenders like the ones on this page. We do not originate, underwrite or fund loans, and we are not a mortgage lender. This page is published by Multi-Family USA, so treat our own listing with the same caution you would apply to any self-published list.

Next steps: send your deal for a lender-fit review, check market context on the rates page, or browse all guides.

When agency is the right fit

Agency debt generally suits stabilized 5+ unit apartments with documented operating history. If the property needs lease-up, renovation or retenanting first, a bridge loan is the usual first step, and several lenders on this page offer a bridge-to-agency path. Read the agency vs bridge execution guide and compare Freddie Mac Optigo and stabilized agency on the loan-type pages.

Notes and limits

• Fannie Mae’s DUS lender directory returned an access error when we tried it, so we attribute DUS status to each lender’s own page. Freddie Mac’s directory (Optigo lender directory) loaded and lists every lender above.
• For small loans, Freddie Mac replaced its Small Balance Loan program with Optigo Conventional Small on April 15, 2026. See the small-balance lender guide.

Keep reading

Back to the hub: best multifamily lenders 2026.

Other lender guides in this set:

• Best Small-Balance Multifamily Lenders for 2026
• Best Multifamily Bridge Lenders for 2026
• Best HUD/FHA Multifamily Lenders for 2026
• Best Multifamily Construction Lenders for 2026

Frequently asked questions