Commercial Real Estate Loans: Bank, CMBS, Bridge, and Agency
CRE financing is a four-quadrant decision: bank, CMBS, debt fund (bridge), or agency. The right quadrant depends on asset class, business plan, and timeline — and most operators get pitched the lender's preferred product rather than the right one.
Bank / credit union
Recourse, 65–75% LTV, 5/25 or 7/25 amortization, prime + 1–3%. Best for stabilized owner-occupied properties and strong sponsor balance sheets.
CMBS (conduit)
Non-recourse, 65–75% LTV, fixed 5–10 years on a 30-year amortization. Best for stabilized, cash-flowing investment property over $2M. Defeasance/yield maintenance prepay is expensive — match the term to your hold.
Bridge / debt fund
Non-recourse, 65–80% LTV, 12–36 month interest-only at SOFR + 350–650. Best for value-add, lease-up, or repositioning where conventional debt is not yet available.
Agency (Fannie / Freddie / HUD)
Multifamily only. Non-recourse, 75–80% LTV, 30-year amortization, 5–30 year term. Cheapest fixed-rate CRE money in the market for stabilized rental properties.
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