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Freddie Mac Small Apartment Loans - Market Tiers

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The Freddie Mac Small Hybrid ARM Apartment Loan program offers the most competitive rates and terms in the multifamily small loan space. Each loan is custom priced. Request a custom quote today.
  • Competitive low rates
  • Non-recourse
  • No yield maintenance
  • No replacement reserves
  • No balloon payment at the end of the fixed term

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Best Program For You
Which Program is Best
Which one of our apartment loan programs is best for you? By providing some basic information about yourself, your property and what you are looking for in an apartment loan, we can help you decide which one of our programs is best for you.

Freddie Mac SBL Market Tiers

There are five Regions (Western, South Central, North Central, Southeast and Northeast) under the Freddie Mac SBL Program. Interest rates vary slightly by Region.


Further, Freddie Mac breaks down markets by Tiers. There are four Market Tiers under the Freddie Mac SBL Program. Every county in the country is designated as either a Top, Standard, Small or Very Small Market. In general, counties in larger cities are designated as Top or Standard Markets while counties in smaller cities are designated as Small or Very Small Markets. Further, Tier designation is based on the size of the rental population, determined by Census Bureau, and not necessarily population.


Why does this matter to you? Because rates and terms vary based on what Market Tier and Region the property is located in.

Freddie Mac Small Loan Market Tiers LTV and DSCR Parameters
LTV Parameters Max LTV Acquisition Max LTV Refinance Minimum DSCR
Top Market 80% 80% 1.20
Standard Market 80% 80% 1.25
Small Market 75% 70% 1.30
Very Small Market 75% 70% 1.40
Top Market
Counties in the following MSAs: Miami, San Francisco, San Diego, Los Angeles, San Jose, Seattle, New York, Chicago, Washington D.C., Boston, Minneapolis, Denver, Portland, Stamford and Sacramento.
Standard Market
Counties with a rental population of greater than 60,000. Example cities include: Dallas, Cincinnati, Jacksonville, Phoenix, Las Vegas, Albuquerque, Charlotte, San Antonio, St. Louis, Philadelphia, Columbus, Pittsburgh, Baltimore, Houston, Atlanta, Orlando and Indianapolis.
Small Market
Counties with a rental population less than 30,000 - 60,000. Example cities include: Augusta, Fort Wayne, Amarillo, Baton Rouge, Fayetteville, Boise City, Boulder, Shreveport, Green Bay, Savannah, Wichita, Fargo, Naples, Des Moines and Colorado Springs.
Very Small Market
Counties with a rental population between 30,000 - 60,000. Example cities include: Bowling Green, Charlottesville, Elk City, Wheeling, Corvallis, Idaho Falls, Charleston Brunswick, Bismarck, Appleton, Great Falls, Flagstaff, Florence, Sioux City, Midland, Odessa and Cedar Rapids.
Not sure what Market Tier your property falls into, request a quote or contact Crefcoa to learn more. Quick Quote

What You Need to Know About the Freddie Mac SBL Market Tiers

When comparing loan programs it's important to understand how Freddie Mac SBL Market Tiers affect loan terms. Properties located in larger markets (Top and Standard Tiers) qualify for more aggressive terms than properties located in secondary and tertiary markets (Small and Very Small Tiers). In general, properties located in Small and Very Small Markets will have slightly higher rates, lower LTV, higher DSCR and fewer years of interest only payments.
In general, the Freddie Mac SBL Program is the go to program. However, properties located in tertiary markets may qualify for more competitive terms through the Fannie Mae Multifamily Loan Program because rates and terms generally don't vary by the size of market with Fannie Mae.
Contact a Crefcoa multifamily loan specialist to learn more about the Freddie Mac SBL Program or request a custom quote.
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