Loan programs
Every lender type builds loans differently. We match your property and goals to the programs that fit, and show you the trade-offs before you decide.
Bank and credit union loans
Banks and credit unions are the largest source of commercial real estate loans. Expect terms of 5 to 10 years, fixed or floating rates and, in most cases, a personal guarantee. Pricing can improve when you bring deposits or other business.
Good fit for stabilized properties and owners who value a local relationship.
Life insurance company loans
Life companies lend for the long term, often 10 years or more at a fixed rate, usually without personal recourse. They favor well-located, well-maintained properties at lower leverage.
Good fit for low-leverage owners who want a long, fixed rate.
Agency loans (Fannie Mae and Freddie Mac)
Government-sponsored programs for apartments and manufactured housing communities, with long terms, long amortization and non-recourse structures.
Good fit for apartment and manufactured housing owners.
CMBS loans
Conduit loans are pooled and sold to bond investors. They are typically 5 or 10 year fixed-rate loans without personal recourse, often with more leverage than a bank or life company offers. Paying them off early is costly.
Good fit for owners who want leverage and non-recourse terms and plan to hold through the term.
Bridge and debt fund loans
Short-term loans, usually one to three years, often interest-only with a floating rate. They give a property time to finish a lease-up, renovation or recovery before permanent financing.
Good fit for properties in transition and tight maturity deadlines.
SBA 504 and 7(a) loans
For businesses that occupy their own building. SBA 504 loans offer long-term fixed rates and high leverage. SBA 7(a) loans are more flexible in how the money can be used.
Good fit for owner-operators of business property.
Cash-out refinancing
If your property has gained value or paid down its loan, a refinance can return equity for improvements, new acquisitions or partner buyouts.
Good fit for properties with strong income and built-up equity.
Gap financing
When a new first mortgage won't fully pay off the old one, mezzanine debt or preferred equity can cover part of the difference, alongside or instead of a paydown.
Good fit for solid properties caught between today's rates and yesterday's loan amount.
At a glance
How the main lender types usually compare.
| Lender type | Typical term | Rate | Recourse | Best fit |
|---|---|---|---|---|
| Bank or credit union | 5 to 10 years | Fixed or floating | Usually recourse | Stabilized properties, relationship pricing |
| Life insurance company | Often 10 years or more | Fixed | Non-recourse | Lower leverage, high-quality properties |
| Agency (Fannie Mae, Freddie Mac) | 5 to 30 years | Fixed or floating | Non-recourse | Apartments, manufactured housing |
| CMBS | 5 or 10 years | Fixed | Non-recourse | More leverage, most property types |
| Bridge or debt fund | 1 to 3 years | Floating | Varies | Lease-up, renovation, tight deadlines |
| SBA 504 or 7(a) | Up to 25 years | Fixed or floating | Recourse | Owner-occupied business property |
Typical structures only. Actual terms depend on the property, the borrower and the market.
Property types we work with
Income-producing property of nearly every kind, anywhere in the United States.
- Apartments
- Office
- Retail centers
- Industrial and warehouse
- Self-storage
- Hotels
- Medical office
- Mixed-use
- Manufactured housing
- Senior and student housing
- Owner-occupied business property
- Special purpose
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