Greystone Apartment Loans for Small and Mid-Size Buildings
Programs, agency designations and alternatives, from Greystone's own materials and the agency rosters as of October 2026.
Greystone is a Fannie Mae DUS and Small Loan lender, a Freddie Mac Optigo lender tagged for Conventional Small, and a HUD MAP lender through two entities. Its term sheets offer Fannie Mae Small Mortgage Loans up to $9 million and Freddie Mac Conventional Small loans of $2 million to $10 million, each with a 1.25x minimum DSCR.
Who Greystone is
Greystone describes itself as a real estate company focused on commercial real estate finance and investment, and it is privately held. Its homepage states $13 billion of loans originated in 2025 and a $78 billion loan servicing portfolio as of September 2026. Greystone also reports $2.6 billion of HUD firm commitments in HUD's fiscal year 2025, which ended September 30, 2025.
apartment.loans is not affiliated with Greystone. Facts on this page come from Greystone's public materials and agency lender rosters, as of October 2026.
What Greystone publicly offers for 5+ unit loans
Greystone publishes current term sheets for both agencies' small-loan products. As they state the terms:
| Term | Fannie Mae Small Mortgage Loans | Freddie Mac Conventional Small |
|---|---|---|
| Loan size | Up to $9 million, nationwide | $2 million to $10 million |
| Term | 5 to 30 years | 5, 7, 10, 12 or 15 years, fixed |
| Amortization | 30 years | Up to 30 years |
| Max LTV | Up to 80%; 75% for cash-out refinances | Up to 80% amortizing or partial IO; 70% full-term IO |
| Min DSCR | 1.25x | 1.25x |
| Property | Not stated on the sheet | Predominantly market-rate, 50 units or less |
Two details are worth flagging for an owner planning a cash-out refinance. The Fannie sheet caps cash-out refinances at 75% LTV, below the 80% headline. The Freddie sheet drops to 70% if you want interest-only for the full term. Greystone's current term-sheet index lists Conventional Small, not the retired Freddie Mac Small Balance Loan program, which Freddie replaced on April 15, 2026.
Above the small-loan ranges, Greystone's approvals cover Fannie DUS, Freddie Conventional, Seniors Housing and Targeted Affordable lending, and HUD programs. For the HUD side, see HUD 223(f) loans and HUD 223(f) vs Fannie Mae.
Agency designations
| Roster | Listed as | Status, October 2026 |
|---|---|---|
| Fannie Mae DUS | Greystone Servicing Company LLC | DUS lender |
| Fannie Mae Small Loans | Greystone Servicing Company LLC | On the Small Loan lender list |
| Freddie Mac Optigo | Greystone Servicing Company LLC | Conventional, Conventional Small, Seniors Housing, Targeted Affordable Housing |
| HUD MAP | Greystone Funding Company LLC; Greystone Servicing Company LLC | Both approved MAP lenders, also Section 232/LEAN |
Rosters: Fannie Mae DUS lenders, Freddie Mac Optigo lenders, and HUD's Approved MAP Lenders list.
How to get a quote from Greystone
Greystone takes loan requests through a request-a-quote form; we found no self-serve rate or quote tool. Before you submit, decide whether you are asking for the Fannie or Freddie execution (or both), and whether you want full-term interest-only, since the term sheets size those differently.
Going direct vs comparing several lenders
Going direct gets you Greystone's read of your building and its pricing. A marketplace sends the same loan request to several lenders and shows their terms side by side. apartment.loans, run by Janover Capital LLC, works that way: one request, several lenders' terms, across agency, bank, HUD and bridge options. Janover is not a lender. Compare whatever quotes you collect in the term sheet comparison. More: direct lender vs loan marketplace.
Alternatives to compare
- Other agency small-loan lenders: Walker & Dunlop, Arbor, Berkadia and Lument. See small balance lenders compared.
- Other HUD MAP lenders: all six agency lenders on our comparison are also on HUD's MAP list.
- Bank and credit union loans: see Fannie Small Loans vs bank loans.
- Cash-out sizing: run your numbers in the cash-out calculator with a 75% LTV to see the Fannie cash-out cap.
Frequently asked questions
What are Greystone's small loan terms?
Greystone's Fannie Mae Small Mortgage Loans term sheet covers loans up to $9 million with 5- to 30-year terms, 30-year amortization, a 1.25x minimum DSCR and up to 80% LTV, or 75% for cash-out. Its Freddie Mac Conventional Small sheet covers $2 million to $10 million with fixed terms of 5 to 15 years, up to 80% LTV and a 1.25x minimum DSCR.
Is Greystone a HUD lender?
Yes. Greystone Funding Company LLC and Greystone Servicing Company LLC both appear on HUD's Approved MAP Lenders list dated September 16, 2026, each marked as also approved for Section 232 and LEAN. Greystone reports $2.6 billion of HUD firm commitments in HUD's 2025 fiscal year.
Does Greystone offer Freddie Mac Small Balance Loans?
Greystone's current term-sheet index lists Freddie Mac Conventional Small, not Small Balance Loans. Freddie Mac retired the SBL program on April 15, 2026 and replaced it with Conventional Small, which Greystone's term sheet describes as $2 million to $10 million for predominantly market-rate properties of 50 units or less.
How much can I cash out with a Greystone Fannie Mae Small Loan?
Greystone's Fannie Mae Small Mortgage Loans term sheet caps cash-out refinances at 75% LTV, compared with up to 80% for qualifying loans otherwise, and requires a 1.25x minimum DSCR. Whichever limit produces the smaller loan sets your proceeds, before payoff, closing costs and reserves. The cash-out calculator on this site shows the net.
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