Multifamily Loans in Indiana
Regional Midwest multifamily — recent closings (May 2026): mostly low-to-mid 6s (roughly 6.0%–6.6%) fixed for permanent financing, priced over the 5-year Treasury (bridge and floating options higher). Indiana-specific volume in our data is limited, so this reflects the broader Midwest. $5M–$30M · 15–30 day typical close.
The figures above reflect actual, recently closed Midwest commercial real estate transactions and are accurate as reported as of May 2026. Because state-specific volume in our data is limited, this is a regional reference, not a state-only or property-specific figure — and not an indication or offer of the rate or terms you will receive; your terms depend on the property, sponsor, market, and lender underwriting and will vary. Northern Ridge Capital arranges commercial real estate financing only (no residential) and is a licensed mortgage broker (CA DRE #02093377), not a lender. See full disclosures.
If your Indiana apartment loan is maturing — or you’re financing an acquisition — you’re making this decision into a very different market than the one you borrowed in. Northern Ridge Capital places $5M–$30M multifamily debt across Indiana by matching your property to the right lender — agency, bank, credit union, or bridge — from a network of 700+. We’re a broker, not a lender.
Have an Indiana multifamily deal to finance or refinance?
Talk to a debt broker →Your Indiana multifamily options, compared
There’s no single "best" multifamily loan — there’s the right one for your property, business plan, and timeline.
- Agency (Fannie / Freddie) — best for stabilized, well-occupied properties wanting long-term fixed-rate, often non-recourse debt. Strong fit for steady Midwest rent rolls.
- Banks & credit unions — flexible for known borrowers and a deep option in Indiana’s local lending market; often recourse, shorter terms, renewal risk.
- Debt funds & bridge lenders — for transitional assets (lease-up, value-add, a maturity clock). Speed and flexibility at higher cost; a bridge to permanent, not a permanent home.
- CMBS (conduit) — non-recourse, fixed-rate, sizable proceeds on stabilized assets; rigid servicing and prepayment terms.
The job is matching your specific property to the lenders competing for that profile — which is what a broker does.
Typical Indiana multifamily terms
| Loan size | $5M–$30M |
| Rate basis | Mostly fixed over the 5-yr Treasury (see regional closings above); agency and floating options available |
| Leverage | Commonly up to ~65–75% LTV, deal-dependent |
| Term / amortization | 5, 7, or 10-year terms; 30-year amortization common |
| Recourse | Non-recourse options on stabilized, well-occupied assets |
| Close time | 15–30 days typical on a clean, lender-ready file |
Structure shown is typical, not a quote or commitment; actual terms are set by third-party lenders subject to underwriting. See disclosures.
When it fits
Acquisition
Buying an Indiana apartment property? The buyer who lines up the right debt early, and can close on time, wins. We make sure financing isn’t what loses you the deal.
Refinance / maturing loan
Loan maturing into a higher-rate market? When the rate resets, debt service jumps on the same income — which can push a property below the coverage ratio your current bank wants even though nothing about the asset got worse. Other lenders underwrite differently. We run the market so you refinance on the best available terms, not your current lender’s first offer.
Permanent / stabilized
Holding a stabilized, well-occupied property long-term? Agency and bank options can lock competitive long-term fixed rates with strong leverage.
Value-add or lease-up
Renovating, repositioning, or still leasing up? A bridge lender who underwrites your business plan, then a permanent or agency takeout once the property stabilizes.
The Indiana market right now
Indiana multifamily is a steady-fundamentals Midwest market — Indianapolis and the secondary metros offer affordability, in-migration from higher-cost states, and rent stability rather than boom-bust swings. That profile fits agency and bank lenders well, and pricing tracks the broader Midwest. As everywhere in 2026, the owners who do best on a maturing loan start early and run a real competitive process instead of accepting one renewal quote. That’s the process we run for you.
How we place Indiana multifamily debt
We’re a debt brokerage with $600M+ in deal experience across underwriting and brokerage — not a lender, which means we work for you. We underwrite the property the way lenders will, take it to the ones actively competing for Midwest multifamily from a network of 700+, and run it to close, typically 15–30 days. You get options and leverage, not a single take-it-or-leave-it quote.
See what your Indiana multifamily property qualifies for.
Book a 15-minute call → or submit your dealIndiana multifamily loans — FAQ
What rate can I get on an Indiana multifamily loan?
In our closing data, recent loans here have run mostly low-to-mid 6s (roughly 6.0%–6.6%) fixed for permanent financing, priced over the 5-year Treasury (bridge and floating options higher). Indiana-specific volume in our data is limited, so this reflects the broader Midwest (May 2026). These are actual closed transactions, not an offer — your rate depends on the asset, leverage, and sponsor. Contact us for a live quote.
How far ahead of maturity should I start?
Ideally 12+ months; 6 months is workable. Inside 90 days you lose negotiating leverage.
How much can I borrow?
Northern Ridge Capital places multifamily debt from $5 million to $30 million, commonly up to ~65–75% LTV, deal-dependent.
My property performs but my bank declined the refinance. Why?
Usually the math: higher rates raise debt service, which can drop your coverage ratio below the bank’s minimum even with the same income. Other lenders underwrite differently — the deal may still be financeable.
Can you finance a value-add or lease-up property?
Yes — typically via a bridge/debt-fund loan that lends on your business plan, then refinanced into permanent or agency debt once stabilized.
Is Northern Ridge Capital a lender?
No. We’re a commercial mortgage broker (CA DRE #02093377). We place your deal with the right lender from a network of 700+ and make them compete. Commercial real estate only.
Do you only work in Indiana?
We place debt nationwide within our licensed footprint, with deep focus in California, Texas, Florida, Georgia, and Indiana.
About
Justin Ashcraft is the principal of Northern Ridge Capital, a commercial real estate debt brokerage placing $5M–$30M in multifamily, retail, industrial, and SBA financing nationwide within its licensed footprint, with $600M+ in deal experience across underwriting and brokerage. Licensed in California, DRE #02093377.
Your multifamily loan is maturing into a different market. Don’t find out your options 60 days before the deadline.
Book a 15-minute call →Northern Ridge Capital is a licensed commercial mortgage broker (CA DRE #02093377), not a lender, and arranges financing on commercial real estate only (no residential). Rates and figures reflect actual closed transactions as of the date noted, cite a regional band where state-level volume is limited, and are not an indication or offer of terms. For informational purposes only; not financial, legal, or tax advice. Full disclosures.