Walker & Dunlop Apartment Loans for Small and Mid-Size Buildings
Programs, agency designations and alternatives, from Walker & Dunlop's own materials and the agency rosters as of October 2026.
Walker & Dunlop is a Fannie Mae DUS and Small Loan lender, a Freddie Mac Optigo lender tagged for Conventional Small, and a HUD MAP lender. Its small balance page markets Fannie Mae Small Loans from $1 million, with reduced processing up to $9 million. Quotes start with a multi-step online form followed by staff contact.
Who Walker & Dunlop is
Walker & Dunlop, Inc. is a public company (NYSE: WD) that describes itself in its earnings releases as one of the largest commercial real estate finance and advisory services firms in the United States. It holds Fannie Mae, Freddie Mac and HUD lender approvals in its own name. For full-year 2025 it reported $41.5 billion of debt financing volume, $54.8 billion of total transaction volume, and a $144.0 billion servicing portfolio at December 31, 2025. In the second quarter of 2026 its debt financing included $3.09 billion with Fannie Mae, $1.31 billion with Freddie Mac and $414 million with HUD/Ginnie Mae.
apartment.loans is not affiliated with Walker & Dunlop. Facts on this page come from Walker & Dunlop's public materials and agency lender rosters, as of October 2026.
What Walker & Dunlop publicly offers for 5+ unit loans
For smaller apartment loans, Walker & Dunlop's small balance page centers on Fannie Mae Small Loans. As the page states the terms, as of October 2026:
- Loan amount from $1 million, with reduced cost and processing for loans up to $9 million
- Up to 80% LTV
- Terms of 5 to 30 years on a 30-year amortization
- Partial and full-term interest-only available
- Non-recourse
Its Fannie Mae Small Loans term sheet (dated August 2023 by file name) adds a 1.25x minimum DSCR. The same page links a second, separate term sheet for a floating-rate, full-term interest-only product starting at $2 million with a 70% maximum LTV and three- to seven-year terms; it is a separate product, not a Fannie Mae Small Loan. The small balance page does not mention Freddie Mac Conventional Small, although Walker & Dunlop carries that Optigo designation. For larger loans, Walker & Dunlop's approvals cover Fannie DUS, Freddie Conventional, and HUD programs.
Agency designations
| Roster | Listed as | Status, October 2026 |
|---|---|---|
| Fannie Mae DUS | Walker & Dunlop, LLC | DUS lender |
| Fannie Mae Small Loans | Walker & Dunlop, LLC | On the Small Loan lender list |
| Freddie Mac Optigo | Walker & Dunlop LLC | Conventional, Conventional Small, Seniors Housing, Targeted Affordable Housing |
| HUD MAP | Walker & Dunlop, LLC | Approved MAP lender, 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 Walker & Dunlop
The small balance page has a "Check Rates" section showing estimated rate ranges by maximum LTV and minimum DSCR across fixed terms; the page states the estimates apply to requests between $2 million and $6 million and are subject to change. To get an actual quote, you complete a four-step "Get a quote" form (loan, property, personal, final) for inquiries of $1 million or more, and a member of its team contacts you. Have your rent roll, trailing-12 operating statement and payoff letter ready for that conversation.
Going direct vs comparing several lenders
Going direct gets you one lender's read of your building and its pricing on the programs it offers. A marketplace sends the same loan request to several lenders and shows you 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. Either way, compare quotes on the same numbers using the term sheet comparison. More on the trade-offs: direct lender vs loan marketplace.
Alternatives to compare
- Other Fannie Small Loan lenders: Arbor, Berkadia, Greystone and Lument also publish Fannie Small Loan terms. See small balance lenders compared.
- Freddie Conventional Small: 24 Optigo lenders carry the tag, for loans of generally $2 million to $10 million. See the Optigo roster.
- Bank and credit union loans: shorter terms and often a guaranty, with lighter prepayment. See Fannie Small Loans vs bank loans.
- HUD 223(f): higher leverage and longer amortization, slower to close. See HUD 223(f) loans.
- Bridge debt: for buildings not yet stabilized. Test the exit with the bridge takeout test.
Frequently asked questions
Does Walker & Dunlop do small apartment loans?
Yes. Walker & Dunlop's small balance page markets Fannie Mae Small Loans from $1 million, with reduced cost and processing for loans up to $9 million, up to 80% LTV and 5- to 30-year terms. It is on Fannie's Small Loan lender list and carries Freddie Mac's Conventional Small designation, as of October 2026.
What is Walker & Dunlop's minimum loan size?
Its small balance page and quote form are for loan requests of $1 million or more, and its Fannie Mae Small Loans term sheet states a $1 million minimum. A separate floating-rate, interest-only product on the same page starts at $2 million. Smaller loans are usually a bank, credit union, or a lender whose published minimum is lower.
Is Walker & Dunlop a Fannie Mae DUS lender?
Yes. Walker & Dunlop, LLC is on Fannie Mae's DUS lender roster and its Small Loan lender list as of October 2026. It is also a Freddie Mac Optigo lender for Conventional, Conventional Small, Seniors Housing and Targeted Affordable Housing, and is on HUD's Approved MAP Lenders list.
Can I get an instant online quote from Walker & Dunlop?
Not an instant one, based on its small balance page in October 2026. The page shows estimated rate ranges for requests between $2 million and $6 million, which it says can change at any time. A firm quote starts with a four-step online form, after which a member of its team contacts you.
Who else offers Fannie Mae Small Loans?
As of October 2026, Fannie's Small Loan lender list includes 11 DUS lenders (Arbor, Bellwether Enterprise, Berkadia, CBRE Multifamily Capital, Fifth Third, Greystone, JPMorgan Chase, Lument, Regions, Walker & Dunlop and Zions Capital Markets) plus CPC Mortgage Company, which is not a DUS lender. The program rules are Fannie's, so pricing and execution are where they differ.
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