Published: ·Last updated: ·By Ed Freeman, Capital Advisor — PeerSense
What is the best financing for hotel at 65% LTV?
Stabilized hotels at 65% LTV with a completed PIP qualify for non-recourse CMBS fixed-rate financing starting at approximately 6.25% on the strongest stabilized deals (most CMBS loans price 6.75%–9% depending on asset, sponsor strength, and LTV) for 10-year terms. Post-renovation equity reduces effective LTV, and 12 months of stabilized operating history unlocks the lowest conduit spreads available for hospitality assets.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder
65% LTV Hotel Refinance After PIP
Stabilized post-PIP hotel at 65% LTV? Qualify for non-recourse CMBS fixed-rate financing from approximately 6.25% on the strongest stabilized deals (typical 6.75%–9%). Express conduit underwriting for experienced hospitality sponsors.
Minimum 30-35% equity required. Experienced hotel operators with $2M+ net worth, 5%+ post-close liquidity, and a completed PIP with 12 months trailing stabilized NOI.
Deal Parameters at a Glance
LTV Target
65%
Est. Rate Range
6.25% – 11%+ (typical 6.75% – 9%)
Term
5-10 years fixed
Recourse
Non-recourse
DSCR
1.25x minimum
Closing Speed
30-45 days
Min Loan Size
$5M
Loan Products
CMBS
When Is This the Right Fit?
This financing is ideal when your hotel PIP is complete, occupancy has stabilized at 65%+ for at least 12 months, and trailing NOI supports a 1.25x+ DSCR. If you currently hold bridge debt at 8-15%, refinancing into permanent CMBS (typically 6.75%–9%, with the strongest deals reaching 6.25%) can reduce annual debt service by 20-40%. The 65% LTV sweet spot gives you the tightest spreads and fastest underwriting. If your property needs more seasoning, consider a bridge extension or mezzanine to reach stabilization.
Want the full program overview, current rate sheet, and underwriting matrix? See the CMBS Loans guide →
Key Benefits
Strategic Alternatives
Frequently Asked Questions
See Related Rates by Program
PeerSense covers the full commercial capital stack. Rates and structures across our money pages — updated weekly.
SBA 7(a) & 504
5.50–11.75%Up to $5M acquisition / real estate / equipment, 10% down
Bridge Loans
9.00–14.00%12–36 mo transitional, SOFR + 470-970 bps, 65-75% LTV
DSCR Investor
5.95–8.50%30-yr fixed rental, qualifies on property cash flow
Equipment Financing
5.50–12.00%Loan, lease, SBA 504, vendor, captive — Section 179 eligible
Hotel Financing
5.85–11.75%CMBS + SBA 504 + bridge + PIP across all flags
Mezzanine Debt
11.00–18.00%Subordinate to senior, $1M–$50M, capital stack fill
Private Credit
7.80–18.00%Non-bank flexibility, unitranche, recap, transitional
Invoice Factoring + ABL
0.5–3.5% / 30dB2B receivables, trucking / staffing / construction / govt
No-Doc CRE
7.50–11.50%Limited-doc commercial, asset-based underwriting
Connect with PeerSense — Direct Capital Advisory
PeerSense pre-underwrites every deal before presenting it to our institutional capital sources. With 500+ lender relationships and live market rate intelligence, we match your hotel deal with the right capital source — right now.
No upfront retainer · Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated March 2026.
Disclaimer: The information on this page is provided for educational purposes only and does not constitute financial, legal, or investment advice. Rates, terms, and availability are subject to change based on market conditions, property characteristics, and borrower qualifications. The rate ranges cited reflect approximate market pricing as of March 2026 and may not reflect current conditions at the time of reading. PeerSense is a capital advisory firm, not a lender. We do not originate, fund, or service loans. All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. Borrowers should consult with qualified financial and legal professionals before making any financing decisions.