Lument Apartment Loans for Small and Mid-Size Buildings
Programs, agency designations and alternatives, from Lument's own materials and the agency rosters as of October 2026.
Lument, a subsidiary of ORIX Corporation USA, is a Fannie Mae DUS and Small Loan lender, a Freddie Mac Optigo lender tagged for Conventional Small, and a HUD MAP lender. Its 2026 term sheets offer Fannie Mae Small Loans up to $9 million and Freddie Mac Conventional Small loans of generally $2 million to $10 million.
Who Lument is
Lument describes itself as a subsidiary of ORIX Corporation USA. It lends through Fannie Mae, Freddie Mac and HUD, and states that its combined originations across those three were $6.2 billion in 2025, up from $3.1 billion in 2024, citing the Mortgage Bankers Association's annual rankings. On the HUD side, Lument reports 44 FHA MAP closings totaling $675 million in HUD's fiscal year ended September 30, 2025.
apartment.loans is not affiliated with Lument. Facts on this page come from Lument's public materials and agency lender rosters, as of October 2026.
What Lument publicly offers for 5+ unit loans
Lument publishes dated 2026 term sheets for both agencies' small-loan products. As they state the terms:
| Term | Fannie Mae Small Loan Program (6.22.26) | Freddie Mac Conventional Small (7.6.26) |
|---|---|---|
| Loan size | Up to $9 million, nationwide | Generally $2 million to $10 million |
| Term | 5 to 30 years | 5, 7, 10, 12 or 15 years |
| Amortization | Up to 30 years | Up to 30 years |
| Max LTV | 80% | 75% to 80% amortizing; 65% to 70% full-term IO |
| Min DSCR | 1.25x | 1.25x |
The Freddie sheet gives LTV as a range rather than a single number. Ask where your building lands within that range once the lender has your rent roll and T-12.
Some older articles on Lument's site still describe Freddie Mac Small Balance Loans in the present tense, including a February 2023 article that gives a $1 million to $7.5 million range. Freddie retired SBL on April 15, 2026 and replaced it with Conventional Small, and Lument's current Freddie term sheet is Conventional Small. Above the small-loan ranges, Lument's approvals cover Fannie DUS, Freddie Conventional, Seniors Housing and Targeted Affordable lending, and HUD programs.
Agency designations
| Roster | Listed as | Status, October 2026 |
|---|---|---|
| Fannie Mae DUS | Lument | DUS lender |
| Fannie Mae Small Loans | Lument | On the Small Loan lender list |
| Freddie Mac Optigo | Lument Capital | Conventional, Conventional Small, Seniors Housing, Targeted Affordable Housing |
| HUD MAP | Lument Real Estate Capital, LLC | Approved MAP lender |
Rosters: Fannie Mae DUS lenders, Freddie Mac Optigo lenders, and HUD's Approved MAP Lenders list.
How to get a quote from Lument
Lument takes requests through contact forms on its website; we found no public online quote tool. When you reach out, say which program you want quoted, Fannie Small Loan, Freddie Conventional Small, or HUD, and whether you need full-term interest-only, since the Freddie sheet sizes that lower.
Going direct vs comparing several lenders
Going direct gets you Lument'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. Line up the quotes you get in the term sheet comparison. More: direct lender vs loan marketplace.
Alternatives to compare
- Other agency small-loan lenders: Walker & Dunlop, Arbor, Berkadia and Greystone. See small balance lenders compared.
- Full lists: Fannie Mae DUS lenders and Freddie Mac Optigo lenders.
- HUD 223(f): see HUD 223(f) vs Fannie Mae.
- Bank loans: see Fannie Small Loans vs bank loans.
Frequently asked questions
Who owns Lument?
Lument describes itself as a subsidiary of ORIX Corporation USA. Its lending entities appear on Fannie Mae's DUS and Small Loan lender lists, Freddie Mac's Optigo roster for Conventional, Conventional Small, Seniors Housing and Targeted Affordable Housing, and HUD's Approved MAP Lenders list, as of October 2026.
What are Lument's Freddie Mac Conventional Small terms?
Lument's Freddie Mac Conventional Small term sheet, dated July 6, 2026, covers loans of generally $2 million to $10 million with 5- to 15-year terms, up to 30-year amortization, a 1.25x minimum DCR, and maximum LTV of 75% to 80% amortizing or 65% to 70% with full-term interest-only. Where a loan lands in those ranges depends on the deal.
Is Lument a HUD lender?
Yes. Lument Real Estate Capital, LLC is on HUD's Approved MAP Lenders list dated September 16, 2026. MAP approval allows a lender to originate FHA-insured apartment loans such as HUD 223(f) refinances and purchases. Lument reports 44 FHA MAP closings totaling $675 million in HUD's fiscal year ended September 30, 2025.
Does Lument still offer Freddie Mac SBL loans?
Lument's current Freddie Mac small-loan term sheet is Conventional Small, the product that replaced Small Balance Loans when Freddie retired SBL on April 15, 2026. Some older articles on Lument's site still describe SBL in the present tense, so rely on the dated term sheet rather than older posts.
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