Commercial Real Estate Loan Rates October 2026

As of October 27, 2026, published conventional commercial rates range from 6.28 to 9.25 percent. Published CMBS rates range from 6.84 to 8.50 percent, bridge rates range from 6.00 to 13.00 percent, and SBA 504 rates range from 6.59 to 6.98 percent. Tracked SBA 504 programs were 6.28 to 6.89 percent from October 25 to 27, 2026.

Among the dated published ranges provided, USDA has the lowest starting rate at 6.25 percent, as of October 27, 2026. SBA 504 is published at 6.59 to 6.98 percent, while tracked SBA 504 boxes were 6.28 to 6.89 percent from October 25 to 27. The lowest rate available to a borrower depends on eligibility and financing structure.

The 10 year Treasury yield was 5.00 percent on October 23, 2026, according to the dated FRED fact provided. The 5 year Treasury yield was 4.82 percent on that date. Commercial real estate programs that price from Treasury benchmarks add a spread, so the Treasury yield is not the same as the final loan rate.

The available facts do not provide a forecast for the direction of commercial real estate rates in 2026. They show that the 10 year Treasury was about 4.38 percent when the page was dated in July 2026 and 5.00 percent on October 23, 2026. Published CMBS pricing was 5.60 to 7.10 percent in July and 6.84 to 8.50 percent on October 27, 2026.

There is no single rate for a five million dollar commercial loan as of October 27, 2026. Published conventional rates range from 6.28 to 9.25 percent, while CMBS ranges from 6.84 to 8.50 percent. A five million dollar loan could also use bridge, SBA, bank, agency, or other financing, with pricing determined by property, leverage, repayment, and program eligibility.

As of October 27, 2026, CMBS loans commonly use a ten year fixed structure, are usually five million dollars and up, and are often non recourse with defeasance or yield maintenance. Bank portfolio loans commonly have five to twenty five year terms and recourse. Life company loans generally run seven to twenty years, use low leverage around 60 to 65 percent, and target strong assets.

Some commercial real estate loans are non recourse, but not all. HUD 223(f) and agency loans are described as non recourse, subject to standard carve outs for agency financing. CMBS is usually non recourse and may include defeasance or yield maintenance. Bank portfolio loans are recourse in the provided facts. Bridge and mezzanine recourse terms are not specified here.

The available facts show different loan to value levels by program. Agency financing is around 75 to 80 percent, CMBS is around 70 to 75 percent, life company financing is around 60 to 65 percent, and tracked averages by property type range from 66 to 80 percent. The highest tracked average is 80 percent for owner occupied and special purpose properties, verified October 25 to 27, 2026.

Terms depend on the program and property. As of October 27, 2026, HUD 223(f) is thirty five years fully amortizing, agency loans run five to thirty years, CMBS commonly uses ten years, bank loans run five to twenty five years, and bridge loans run twelve to thirty six months interest only. Mezzanine financing runs three to seven years behind a senior loan.

A capital source may request trailing twelve months and trailing three months operating statements, a rent roll, three years of operating history, a purchase contract or payoff statement, a sponsor financial statement, and a schedule of real estate. Property photos are also requested. Construction or value add transactions may require a budget and business plan, based on the October 27, 2026 document list.