Table of contents
After reviewing dozens of apartment construction loan companies, we narrowed our list to the top eight lenders serving developers and builders seeking capital before and during construction. Because many of these lenders structure loans individually, some program details are not publicly disclosed.
Ranking Algorithm
- Funding Speed (30%): How quickly you receive funds.
- Collateral-Free Funding (25%): Whether the lender requires property or other assets as collateral.
- Subordinated Capital (20%): Whether the lender offers mezzanine or subordinated debt to reduce required equity.
- Maximum Funding (15%): The largest loan amount the lender offers.
- Financing Structures (10%): The number of financing structures the lender offers.
Top 8 Apartment Construction Loan Companies
| Rank | Company | Funding Speed | Collateral-Free Funding | Subordinated Capital | Maximum Funding | Financing Structures |
|---|---|---|---|---|---|---|
| 1 | National Business Capital | 24–48 hours | Yes | Yes | $15M | 6 |
| 2 | Arbor Realty Trust | Not disclosed | No | Yes | $250M | 13 |
| 3 | Greystone | Not disclosed | No | Yes | Not disclosed | 5+ |
| 4 | Walker & Dunlop | Not disclosed | No | Yes | Not disclosed | 5+ |
| 5 | Kennedy Funding | A few days | No | No | Not disclosed | 1 |
| 6 | CoreVest Finance | 15 days | No | No | Not disclosed | 11 |
| 7 | Builders Capital | Not disclosed | No | No | $350M | 4 |
| 8 | Sachem Capital | Not disclosed | No | No | Not disclosed | 5+ |
Top Apartment Construction Loan Companies: Descriptions & Reviews
1. National Business Capital
National Business Capital is a direct lender with 18 years of experience and $3B+ in funding to date. Apartment developers use its Subordinated Debt to cover the gap between a senior construction loan and sponsor equity.
- Funding Speed: Term Loans fund in 24 to 48 hours
- Collateral-Free Funding: Yes, Cash Flow Financing up to $15M with no collateral required
- Subordinated Capital: Yes, Subordinated Debt provides capital between senior debt and equity
- Maximum Funding: Up to $15M in direct capital
- Financing Structures: Six main structures (Term Loans, Lines of Credit, Cash Flow Financing, Subordinated Debt, Equipment Financing, SBA loans)
Customer Review Summary
Business owners consistently praise National Business Capital’s “excellent service” and “fast responses” throughout the funding process. They also credit the team with delivering capital “in a timely way.”
2. Arbor Realty Trust
Arbor Realty Trust offers its Arbor Private Construction program to experienced sponsors building market-rate apartments in strong metro areas. The lender underwrites each loan to an agency-qualifying exit, allowing developers to refinance with the same company after stabilization.
- Funding Speed: Not publicly disclosed
- Collateral-Free Funding: No, project-secured loans up to 80% loan-to-cost
- Subordinated Capital: Yes, mezzanine and preferred equity programs
- Maximum Funding: Construction loans from $50M to $250M
- Financing Structures: 13 loan programs listed on its site
Customer Review Summary
Online reviews say Arbor is “always responsive to questions” and “very professional.”
3. Greystone
Greystone bills itself as America’s #1 overall HUD multifamily and healthcare lender and originated $13B in loans during 2025. Its team gives apartment sponsors one financing partner from bridge debt through permanent agency financing.
- Funding Speed: Not publicly disclosed
- Collateral-Free Funding: No, real estate-secured agency and HUD loans
- Subordinated Capital: Yes, equity and debt placement across the capital stack
- Maximum Funding: Not publicly disclosed
- Financing Structures: 5+ programs, including bridge loans and HUD financing
Customer Review Summary
One borrower praised Greystone for “treating me with respect and quickly giving me quotes.” Another said they had the “best financing experience ever.”
4. Walker & Dunlop
With more than 85 years in business, Walker & Dunlop reports $458B in deal flow since 2013. The company ranks as the #3 HUD multifamily lender, and its capital markets team places debt and equity for large apartment sponsors.
- Funding Speed: Not publicly disclosed
- Collateral-Free Funding: No, real estate-secured agency and HUD loans
- Subordinated Capital: Yes, debt and equity placement through structured finance
- Maximum Funding: Not publicly disclosed
- Financing Structures: 5+ programs focused on agency and HUD lending
Customer Review Summary
Walker & Dunlop has no public customer reviews at the time of writing. The firm reports a 4.9 out of 5.0 client satisfaction score and a year-to-date NPS of 80.5 as of October 2026.
5. Kennedy Funding
Kennedy Funding is a New Jersey bridge lender with more than $4B in closed loans. It closed a $1.5M land loan in 18 days for an Alabama multifamily development.
- Funding Speed: Approval to closing in a few days
- Collateral-Free Funding: No, real estate-secured bridge loans
- Subordinated Capital: No
- Maximum Funding: Not publicly disclosed
- Financing Structures: 1 program built on commercial bridge loans
Customer Review Summary
Developers call Kennedy Funding the “go-to business when you need funding fast” and describe a team that stays “responsive, respectful, and consistent in meeting expectations.”
6. CoreVest Finance
As a Redwood Trust subsidiary, CoreVest Finance has closed $26B+ in loans for residential real estate investors. Its Build-to-Rent Loan funds rental community construction and converts to long-term financing once properties stabilize.
- Funding Speed: Ground-up loans close in as little as 15 days
- Collateral-Free Funding: No, property-secured loans up to 90% loan-to-cost
- Subordinated Capital: No
- Maximum Funding: Not publicly disclosed
- Financing Structures: 11 loan programs
Customer Review Summary
One borrower described their CoreVest loan as “one of the smoothest hard money deals” they have completed and praised its competitive pricing. Another borrower called their loan officer “honest” and “responsive.”
7. Builders Capital
Builders Capital has financed $17B+ in projects for 500+ builders across the country. The company sets an annual exposure limit for each builder and reviews eligible projects within that limit.
- Funding Speed: Not publicly disclosed
- Collateral-Free Funding: No, project-secured construction loans
- Subordinated Capital: No
- Maximum Funding: Annual exposure limits up to $350M
- Financing Structures: 4 programs
Customer Review Summary
Builders praise Builders Capital’s “responsiveness,” “clear communication,” and willingness to work with them at every stage. A developer called the company a “like-minded partner for multifamily construction financing.”
8. Sachem Capital
Based in Connecticut, Sachem Capital is a real estate finance company with $1.3B+ in originations, concentrated on the Eastern Seaboard. Its first mortgage loans run from 12 to 36 months and average $4.2M, which fits smaller apartment projects.
- Funding Speed: Not publicly disclosed
- Collateral-Free Funding: No, first mortgage-secured loans
- Subordinated Capital: No
- Maximum Funding: Not publicly disclosed, with a $4.2M average loan
- Financing Structures: 5+ bridge programs, including new construction
Customer Review Summary
Borrowers call Sachem Capital a “great company to work with” and note that its team works “quickly to get closing done.”
Best Apartment Construction Loan Companies for Projects Under $15M
Best Apartment Construction Loan Companies for Multi-Project Builders
To request a PDF copy of this report, contact our research team.
ABOUT THE AUTHOR
Joseph Camberato is the CEO & Founder of National Business Capital, where he has led the company in funding more than $3 billion for growth-minded businesses since 2007. With firsthand experience building NBC from a startup into a national private lender, Joe writes on the economic forces shaping access to capital, including interest rate shifts, private credit trends, and the challenges mid-sized companies face when banks pull back.
