MULTIFAMILY (5+ UNITS) · South Dakota (SD) Underwriting Matrix · Stephen R. Mannenbach, J.D., MBA

South Dakota Multifamily Loans (5–8, 5–9, 5–10, 5–25 & 5+ Unit Apartment Financing) — 2026 Rates, LTV Caps & State Rules

South Dakota Multifamily (5+ Units) provide business-purpose real estate investors with Up to 75%–80% LTV Purchase / 70%–75% Cash-Out across loan amounts from $100,000 – $15,000,000+ at 6.50% – 8.50% (Perm) / 8.99%+ (Value-Add Bridge) (30-Yr Fixed, 5/1 & 7/1 ARM, 10-Yr IO, 24-Mo Bridge, 660+ FICO min FICO, 21 – 30 Business Days close). In South Dakota (SD), lenders underwrite to a Judicial or Non-Judicial Power of Sale (180-Day Redemption Waiver) statutory framework (90–140 days-day average timeline), a 1.17% average property tax rate (~$288/mo at the $295,000 state median), and $610/$100K hazard insurance (~$150/mo).

Max Leverage / LTC

Up to 75%–80% LTV Purchase / 70%–75% Cash-Out

Min FICO: 660+ FICO

2026 Rate Band

6.50% – 8.50% (Perm) / 8.99%+ (Value-Add Bridge)

30-Yr Fixed, 5/1 & 7/1 ARM, 10-Yr IO, 24-Mo Bridge

SD Security Instrument

Judicial or Non-Judicial Power of Sale (180-Day Redemption Waiver)

90–140 days days avg timeline

SD Avg Tax & Ins

1.17% Tax

$610/$100K Hazard Ins