Commercial Real Estate Loans:Permanent Financing for Income Producing Properties
Stabilized commercial property from $10 million and up. Agency, conventional, CMBS, and bridge. Talk to PeerSense. The capital source sets the terms.
Capital advisory. Talk to PeerSense. The capital source sets the terms. Updated May 2026
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are the main commercial real estate loan programs (and how does each compare to CMBS)?
Commercial real estate financing routes across three primary lanes as of October 1, 2026. Agency multifamily (Fannie/Freddie): 70 to 75% LTV for stabilized 5+ unit at 1.25x DSCR, network-wide pricing starting at 5.99%, the gold standard for apartments. CMBS conduit / bank: 60 to 65% LTV non-recourse 10-year fixed for stabilized cash-flowing assets at $10M+, network-wide pricing starting at 6.35%. Asset-based bridge: 50% max LTV property-only underwriting with no income verification for transitional or fast-close situations, network-wide pricing starting at 8.99% with real-deal coupons up to 14% based on risk premium. SBA 504 and DSCR rental sit alongside these for owner-occupied and investor 1 to 4 unit deals. Talk to PeerSense about which program fits the file.
, Network pricing snapshot · PeerSense capital advisory · Updated October 1, 2026.
What credit score is needed for a commercial real estate loan?
Credit is the lender's underwriting. PeerSense does not set a FICO floor. A thinner personal score often means more equity and a different program. Talk to PeerSense.
What is the typical down payment for a commercial real estate loan?
Equity injection is lender underwriting. For SBA 504 owner occupied CRE it is also CDC underwriting. PeerSense does not set a typical down. Talk to PeerSense.
How long does a commercial real estate loan close?
Commercial real estate loan closing timelines range from 14 days to 180 days by program. Asset based bridge and no doc close fastest at 14 to 30 days from full submission. CMBS conduit closes in 45 to 90 days through securitization quality diligence. Agency multifamily (Fannie/Freddie) closes in 45 to 75 days. Conventional bank closes in 60 to 90 days. SBA 7(a) closes in 60 to 120 days through PLP lenders, longer through standard. SBA 504 closes in 90 to 180 days due to the two tranche debenture process. Foreclosure rescues, 1031 exchanges, and broken deal takeovers route to bridge or no doc for the 14 to 21 day window the other programs cannot match.
See full daily updated CRE rate detail at Today’s Commercial Real Estate Rates, or compare across all programs at the Commercial Lending Rates Hub.
Agency and Non Agency Conventional
Permanent financing for stabilized income producing properties with competitive rates and long term fixed structures.
Agency Programs
Freddie Mac and Fannie Mae small balance programs for multifamily, student housing, senior housing, and manufactured housing communities.
Non Recourse Options
Non recourse financing available on stabilized properties with strong debt service coverage ratios.
No Tax Returns
Some programs qualify borrowers based on property performance rather than personal tax returns.
Property Types
Multifamily (5+ units), student housing, senior housing, manufactured housing communities, and select mixed use properties with residential components.
Commercial Mortgage Backed Securities (CMBS)
10 year fixed non recourse financing for stabilized commercial properties. Conduit lending with rate certainty and no loan size cap.
Loan Range
Cash in about 35 percent
CMBS on this desk starts at $10 million and up. Cash in about 35 percent so LTV sits at 65 or under. Stabilized income property.
Non Recourse
No personal guarantee
CMBS loans are typically non recourse, protecting your personal assets and other holdings from liability.
Term Length
Fixed rate structure
10 year fixed rate provides predictable payments and rate certainty for the full term of the loan.
Property Types
Income producing
Office, retail, industrial, multifamily, hospitality, self storage, and mixed use properties with stable occupancy and cash flow.
Best For: Investors Who Want Rate Certainty
CMBS is ideal for investors who want predictable payments, non recourse structures, and the certainty of a fixed rate for the full 10 year term. Good for stabilized properties with strong debt service coverage.
SBA 504 for Owner Occupied CRE
Equity injection is lender and CDC underwriting. PeerSense does not set a typical down. Fixed rate CDC portion and 20 to 25 year terms. One of the best financing options for businesses buying their own building.
Equity Injection
Equity injection is lender and CDC underwriting. PeerSense does not set a typical down. Talk to PeerSense.
Fixed Rate
Fixed interest rate for the life of the loan provides predictable payments and protection from rate increases.
20 to 25 Year Term
Long amortization period keeps monthly payments low and improves cash flow for your business operations.
Owner Occupancy Requirement
Your business must occupy at least 51% of the building for existing structures or 60% for new construction. This program is designed for businesses buying their own facilities, not investment properties.
Learn More About SBA 504 LoansBridge to Permanent
Short term bridge financing while your property stabilizes, then transition to permanent conventional or CMBS financing.
Bridge Phase
Short term financing to acquire or stabilize the property. Allows you to move quickly on acquisitions or complete lease up and renovations.
- Close in 2 to 4 weeks
- Interest only payments available
- Flexible underwriting for transitional properties
Permanent Phase
Once the property is stabilized with occupancy and cash flow, refinance into permanent financing with lower rates and longer terms.
- Fixed rate conventional or CMBS
- Non recourse options available
- Lower rates than bridge financing
When Bridge to Permanent Makes Sense
This structure works well for value add acquisitions, properties in lease up, or situations where you need to close quickly but want permanent financing once the property stabilizes. It gives you speed now and better terms later.
Learn More About Bridge LoansRental Portfolios
Financing for single family rental portfolios, condos, townhomes, and small multifamily properties. Foreign national borrowers accepted on select programs.
Loan Range
Financing available for individual properties or entire portfolios of rental properties.
Property Types
Single family homes, condos, townhomes, 2 to 4 unit properties, and small multifamily buildings.
Foreign Nationals
Select programs accept foreign national borrowers for U.S. rental property investments.
Portfolio Financing
Finance multiple properties under a single loan with cross collateralization. Simplifies management and often provides better terms than individual property loans.
Cash Flow Underwriting
Qualification based on rental income and property performance rather than personal income. Good for investors with multiple properties.
Debt Service Coverage Ratio (DSCR) Loans (No Income Verification)
Debt Service Coverage Ratio loans for 1 to 4 family rental properties. Qualification based on property cash flow, not borrower income. No tax returns required.
No Income Documentation
No tax returns, W 2s, or pay stubs required. Qualification is based entirely on the property's rental income and ability to cover the mortgage payment.
- No personal income verification
- No employment verification
- Property cash flow is the only income consideration
DSCR Calculation
Debt Service Coverage Ratio = Monthly Rental Income ÷ Monthly Mortgage Payment (PITIA). Most programs require a minimum DSCR of 1.0 to 1.25.
Single family homes, duplexes, triplexes, and fourplexes used as rental properties.
Credit is the lender's underwriting. PeerSense does not set a FICO floor. Talk to PeerSense.
Equity injection is lender underwriting. PeerSense does not set a typical down. Talk to PeerSense.
Who DSCR Loans Work For
Self employed borrowers, real estate investors with multiple properties, foreign nationals, borrowers with complex tax returns, and anyone who prefers not to document personal income. If the property cash flows, you can qualify.
Property Types Covered
PeerSense has financing options for virtually every commercial property type, from stabilized income properties to special use facilities.
Office Buildings
Single tenant and multi tenant office properties, medical office buildings, and professional office space.
Retail Properties
Shopping centers, strip malls, standalone retail buildings, and mixed use retail developments.
Industrial Properties
Warehouses, distribution centers, manufacturing facilities, flex space, and logistics properties.
Multifamily
Apartment buildings, multifamily complexes, student housing, senior housing, and manufactured housing communities.
Hospitality
Hotels, motels, extended stay properties, resorts, and boutique hospitality properties.
Self Storage
Self storage facilities, climate controlled storage, and mixed use storage developments.
Mixed Use
Properties combining residential, retail, office, or other uses in a single development.
Special Purpose
Churches, schools, medical facilities, car washes, gas stations, and other special use properties.
Frequently Asked Questions
How to Choose the Right Commercial Real Estate Loan in 2026
Commercial real estate financing is not one size fits all. The right loan program depends on the property type, your occupancy strategy, deal timeline, and how much documentation you can provide. In 2026, borrowers have more options than ever, but pursuing them without expert guidance often leads to wasted time, rejected applications, and missed opportunities.
CMBS loans are ideal for stabilized income producing properties like office buildings, retail centers, and industrial warehouses. They offer non recourse terms and higher leverage, but come with complex servicing structures. If you are considering CMBS for your next acquisition or refinance, learn how CMBS loans work and what to expect.
For transitional properties or deals that need to close fast, bridge loans provide short term capital with flexible underwriting. Bridge financing is commonly used for value add acquisitions, lease up situations, and construction exits. Explore bridge loan programs available through PeerSense.
Investors who own rental properties and want to avoid income verification should consider DSCR rental loans. These programs qualify based on the property's rental income rather than your personal tax returns, making them popular with self employed investors and portfolio builders. See our DSCR rental loan programs for details on rates, LTV, and minimum DSCR requirements.
For commercial property deals where tax returns and personal income tests aren't on the table at all (distressed sponsors, complex K-1 stacks, foreclosure rescues, foreign nationals, partner buyout pressure), the lane is asset based no doc CRE financing at a conservative 50% LTV against as is value, with no FICO floor and 2 to 3 week close timelines. This is property only underwriting, a different lane than DSCR (rental subset) and a different lane than bridge (transitional with a pre engineered exit).
For sponsors underwriting a multifamily acquisition, the senior tranche typically gates on three constraints: DSCR, LTV, and debt yield. Stress test your NOI against current agency and CMBS thresholds with our multifamily debt sizer before approaching lenders, so your indicative term sheet request reflects what the deal will actually support.
Owner occupied industrial sponsors building or refinancing manufacturing facilities have an additional path most generalist advisors overlook: the SBA 504 program structured around NAICS coded manufacturing activity. See our MARC NAICS strategy guide for how to structure CRE debt across 8 manufacturing sub sectors (food, plastics, fabricated metal, machinery, transport, chemical, electronics).
PeerSense does not originate loans. We are a capital advisory firm that helps borrowers find the right capital source for their deal. Whether your transaction is $250K or $50M, we analyze your property, match it against capital sources, and make a direct introduction. For a comprehensive overview of current rates and program details, read our complete guide to commercial real estate loan rates.
Get the Right Financing for Your Commercial Property
Acquisition, refinance, or bridge to permanent. PeerSense sources capital for the structure that fits the property and the timeline. SBA, CMBS, bank, or private credit.
Curated capital network · SBA, CMBS, bank & private credit · Fee at closing