By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $7.5 million Fannie Mae DUS Small Loans (sometimes called SBL) multifamily transaction is at the upper end of the Fannie Small program (which extends to $9M). The program offers streamlined underwriting, faster close than DUS Conventional, and competitive pricing against both Freddie Mac Optigo SBL and bank balance sheet alternatives. Most $7.5M Fannie Small transactions are stabilized refinances or acquisitions of Class B garden multifamily in Tier 1 and Tier 2 markets.
Get a Quote on Your $7.5M Deal →$7.5M Fannie Mae DUS Small transactions fund as a single senior loan. The competing executions are Freddie Mac Optigo SBL (which caps at $7.5M, putting this size at the upper boundary of both programs) and bank balance sheet.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Typical $7.5M Fannie Small sponsors are private capital multifamily owners with 3 to 15 properties, net worth $5M to $25M, liquidity $1M to $5M. The deal is typically a stabilized refinance or acquisition with planned long-term hold. The Fannie Small program suits sponsors who want streamlined execution at slightly higher leverage than Freddie SBL provides at this size.
On a 38-unit Class B garden multifamily refinance in a Sun Belt Tier 2 market, the sponsor was a regional multifamily investor with 14 properties under management. Fannie Mae DUS Small quoted at 5.85 percent fixed 10-year, 78 percent LTV, $7.4M loan amount, with 1 year of interest-only and full yield maintenance. Freddie Mac Optigo SBL quoted at 5.78 percent at 73 percent LTV ($6.9M). The sponsor took Fannie because the 5 percentage point higher LTV freed up $500K of capital that exceeded the value of the 7 basis point coupon savings on Freddie.
Anonymized. All deal references protect borrower and lender identity.
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