Commercial real estate financing up to $25M
Multifamily, mixed-use, retail, and industrial properties financed through agency and non-agency programs. Structured for experienced operators who need institutional capital with personal service.
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Property types we finance
Multifamily
From 5-unit walk-ups to 500+ unit apartment communities. Agency and non-agency programs with competitive long-term rates.
Mixed-use
Ground-floor retail or office with residential units above. Flexible underwriting that accounts for both income streams.
Retail / shopping
Strip centers, neighborhood retail, and single-tenant NNN properties. Tenant credit strength factors into pricing.
Office
Suburban and urban office buildings. Lease term and tenant diversification drive underwriting and available leverage.
Industrial / warehouse
Distribution centers, flex space, and light manufacturing. Strong sector fundamentals support favorable loan terms.
Self-storage
Stabilized and lease-up facilities. Revenue per square foot and occupancy trends determine deal structure.
Financing strategies
Commercial deals rarely follow a single template. These are the most common structures we deploy for investors and operators.
Acquisition
Purchase financing for stabilized or near-stabilized properties. Leverage up to 75-80% LTV depending on property type and borrower experience. Close in 30-60 days.
Cash-out refinance
Unlock trapped equity from an existing asset to fund new acquisitions, capital improvements, or debt restructuring. Available up to 75% of current appraised value.
Bridge-to-perm
Short-term bridge financing to acquire and stabilize, followed by a refinance into permanent long-term debt. Ideal for value-add repositioning where the property needs lease-up or renovation.
Construction-to-perm
Single-close financing that covers the construction phase and converts to a permanent loan upon completion. Eliminates the risk of rate changes or requalification between phases.
Rate and term refinance
Replace an existing loan with better terms -- lower rate, longer amortization, or a switch from adjustable to fixed. No cash out, just improved debt structure.
Commercial underwriting
Unlike residential loans where personal income drives qualification, commercial underwriting focuses on the property itself. The asset must demonstrate it can service the debt independently.
T-12 operating statement
The trailing 12-month operating statement is the foundation of commercial underwriting. It shows actual revenue collected and expenses paid over the prior year -- not projections, not pro forma. Lenders use it to verify the property's real performance and identify trends in occupancy, collections, and expense management.
Net operating income (NOI)
NOI equals gross rental income minus operating expenses (property taxes, insurance, maintenance, management fees, utilities). Debt service is not included. This is the single most important number in commercial lending -- it tells you how much income the property generates before financing costs.
Cap rate
Capitalization rate equals NOI divided by property value. It represents the unleveraged return on the asset and helps lenders assess whether the purchase price is reasonable relative to income. A 6% cap rate on a $2M property means the asset generates $120,000 in annual NOI.
Debt service coverage ratio (DSCR)
DSCR equals NOI divided by annual debt service (principal plus interest). Most commercial lenders require a minimum DSCR of 1.20 to 1.35, meaning the property must generate 20-35% more income than the loan payment. Higher DSCR means more cushion and better loan terms.
Agency vs non-agency
Two distinct paths for commercial financing, each with trade-offs. Your property type, timeline, and deal complexity determine which channel fits best.
| Feature | Agency (Fannie/Freddie) | Non-agency / private |
|---|---|---|
| Property types | Multifamily only (5+ units) | All commercial property types |
| Rates | Lowest available (government-backed) | Higher, risk-based pricing |
| Recourse | Non-recourse standard | Recourse or non-recourse |
| Loan size | $1M - $100M+ | $500K - $25M+ |
| Timeline | 45-75 days | 14-45 days |
| Documentation | Extensive (T-12, rent rolls, phase I) | Streamlined for smaller deals |
| Flexibility | Standardized guidelines | More flexible, case-by-case |
| Best for | Stabilized apartments, lowest cost | Speed, mixed property types |
Frequently asked questions
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