Best Multifamily Construction Lenders for 2026 Best Multifamily Construction Lenders for 2026

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

Multifamily construction debt falls into two broad routes. HUD 221(d)(4) offers fixed-rate, non-recourse construction-to-permanent financing with long amortization and a longer timeline. Floating-rate private programs offer speed and flexibility, usually for larger projects. This page groups lenders by those routes. It is not a ranking.

Methodology: what we looked at

• Program availability. Whether the lender publishes a construction program, product page or term sheet on its own site that covers multifamily properties with five or more units, including HUD construction programs.
• 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

HUD 221(d)(4) construction lenders

Fixed-rate construction-to-permanent loans insured by FHA. Expect Davis-Bacon prevailing wages and a longer processing timeline.

• Greystone: FHA/HUD Section 221(d)(4). Non-recourse. Market-rate up to 87% of eligible cost; affordable up to 90%. Single fixed rate for the construction and permanent phases; 40 years fully amortizing after construction.
• Berkadia: FHA 221(d)(4). Market-rate up to 85% LTC; rent-assisted up to 90%. Same fixed rate for construction and permanent phases, interest-only during construction, 40-year amortization. Non-recourse and assumable.
• Lument: FHA Section 221(d)(4) / Section 220. Interest-only during construction, then 40 years fully amortizing. Non-recourse with key-principal carve-outs. Market-rate, middle-income, affordable or rent-subsidized; some age-restricted.

Lenders with both HUD and private construction routes

These lenders list a HUD route, a balance-sheet or private construction route, or both.

• Arbor: FHA 221(d)(4); Arbor Private Construction. Private program: ground-up vertical or garden-style multifamily, up to 80% LTC, floating rate, underwritten to an agency-qualifying exit, primary and strong secondary markets.
• Ready Capital: Construction Loans; construction-to-bridge. Ground-up multifamily, build-to-rent and industrial. Up to 5 years including extensions, up to 75% LTC, floating SOFR-based. Non-recourse with standard carve-outs and certain guarantees, including completion.
• Dwight Capital: Balance-sheet new construction loans; FHA/HUD. Home page lists new construction loans next to bridge, FHA/HUD, C-PACE, mezzanine and preferred equity. Terms are not published there.

Intermediaries and affordable-focused platforms

These firms list construction financing but publish no sizing, so treat them as a place to start a conversation.

• Walker & Dunlop: Construction financing (affordable); HUD. Lists construction financing among its affordable-housing solutions, alongside HUD and affordable bridge capital. No sizing or terms are published.
• CBRE: Construction financing (arranged). Lists construction financing among its multifamily debt services, sourced through its capital network of life companies, banks and institutional lenders.

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.

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.

Choosing a construction route

If you can accept a longer timeline and want one fixed rate through construction and the permanent loan, HUD 221(d)(4) is the program to price first. If speed or flexibility matters and the project is large, compare the private programs. Size the permanent takeout with the loan sizing calculator, then read the multifamily construction financing guide and the FHA and HUD multifamily financing guide.

Notes and limits

• Arbor’s $4M HUD minimum comes from a September 2023 post on its site; confirm it before relying on it.
• Construction takes more than a lender list. Budget, contractor, contingency and takeout are what lenders underwrite. Read the multifamily construction financing guide first.

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 Agency Multifamily Lenders for 2026

Frequently asked questions