Commercial Real Estate Loan Rates for October 2026
Commercial lending rates on October 28, 2026 include SBA 7(a) pricing tied to prime, fixed SBA 504 debenture pricing, CMBS conduit loans, bridge financing, and other commercial programs. PeerSense tracks 288 active SBA capital sources and places files with direct capital sources, with the client paying the fee under a written agreement.
Live benchmark rates on October 28, 2026
The benchmark board refreshes daily. On October 28, 2026, it displays current percentages, movement over the past 30 days, and a sparkline for each benchmark.
| Benchmark | Latest value | Change in percentage points | 30 day trend |
|---|---|---|---|
| SOFRAs of October 27, 2026 | 3.95% | +0.05 | |
| Term SOFRAs of October 28, 2026 | 3.90% | +0.16 | |
| Prime rateAs of October 26, 2026 | 7.00% | 0.00 | |
| Fed funds rateAs of October 26, 2026 | 3.88% | 0.00 | |
| 1 year TreasuryAs of October 26, 2026 | 4.47% | -0.03 | |
| 5 year TreasuryAs of October 26, 2026 | 4.84% | -0.14 | |
| 10 year TreasuryAs of October 26, 2026 | 5.00% | -0.17 |
Benchmark data dated October 28, 2026 comes from Federal Reserve H.15, FRED, CME Term SOFR, and the New York Fed.
Published rate range
| Product | Rate range |
|---|---|
| Multifamily loans | from 5.99% |
| Commercial real estate loans | from 6.35% |
| DSCR loans | 5.80% to 9.50% |
| Bridge loans | 8.99% to 14.00% |
| SBA 7(a) variable rate loans | 9.50% to 11.75% |
| SBA 504 fixed rate loans | 6.00% to 7.00% |
This indicative range comes from dated lender quotes in the PeerSense network snapshot, is not a quote or offer of credit, and final terms are set by the capital source.
Sources: Federal Reserve H.15, MBA CREF Quarterly, Trepp CMBS Delinquency, SBA 7(a) Lender Match
What are current commercial lending rates as of October 2026?
As of October 28, 2026: SBA 7(a) 10.00 to 13.50% variable, CMBS conduit 6.84 to 8.50% (10 yr fixed), bridge 6.02 to 13.02%. Base rates: Prime 7.00%, 10 yr Treasury 5.00%, SOFR 3.95%. Flat quotes dated July 2026, not index linked: SBA 504 5.50 to 6.50% fixed, DSCR investor 5.95 to 8.50%, equipment 5.50 to 12.00%.
, PeerSense Capital Advisory · Updated October 28, 2026
Commercial lending rates and benchmarks dated October 28, 2026
As of
| Program | Current Rate | Term |
|---|---|---|
| SBA 7(a) Variable | 10.00 to 13.50% | Up to 25 yr |
| SBA 504 (CDC portion) | 6.59 to 6.98% published Oct 27, 2026 | 20 to 25 yr fixed |
| CMBS Conduit | 6.84 to 8.50% | 10-yr fixed |
| DSCR Investor | 5.95 to 8.50% | 30-yr fixed |
| Bridge Loans | 6.02 to 13.02% | 12 to 36 mo |
| Equipment Financing | 5.50 to 12.00% | 3 to 10 yr |
| Commercial Real Estate (Conv.) | 6.28 to 9.25% published Oct 27, 2026 | 5 to 25 yr |
| Mezzanine Debt | 9.99 to 12.00% tracked programs, Oct 2026 | 3 to 7 yr |
- SBA 7(a) Variable10.00 to 13.50%
- Term
- Up to 25 yr
- Loan Size
- $50K to $5M
- Best For
- Acquisitions, working capital, goodwill
- SBA 504 (CDC portion)6.59 to 6.98% published Oct 27, 2026
- Term
- 20 to 25 yr fixed
- Loan Size
- $125K to $5.5M
- Best For
- Owner occupied CRE + heavy equipment
- CMBS Conduit6.84 to 8.50%
- Term
- 10-yr fixed
- Loan Size
- $10M to $500M+
- Best For
- Stabilized CRE, non recourse
- DSCR Investor5.95 to 8.50%
- Term
- 30-yr fixed
- Loan Size
- $100K to $3M
- Best For
- 1 to 4 unit rental, qualifies on cash flow
- Bridge Loans6.02 to 13.02%
- Term
- 12 to 36 mo
- Loan Size
- $10M to $100M+
- Best For
- Value add, pre stabilization, transitional
- Equipment Financing5.50 to 12.00%
- Term
- 3 to 10 yr
- Loan Size
- $10M to $50M+
- Best For
- New/used equipment, Section 179
- Commercial Real Estate (Conv.)6.28 to 9.25% published Oct 27, 2026
- Term
- 5 to 25 yr
- Loan Size
- $10M to $25M
- Best For
- Investor CRE, owner occupied, mixed use
- Mezzanine Debt9.99 to 12.00% tracked programs, Oct 2026
- Term
- 3 to 7 yr
- Loan Size
- $10M to $50M
- Best For
- Capital stack fill, subordinate to senior
Index linked ranges in this table are computed from benchmark values dated October 28, 2026 using this rule: 7(a) tracks 7.00% plus the SBA caps, CMBS tracks 5.00% plus 184 to 350 basis points, and bridge tracks 3.95% plus 207 to 907 basis points.. Other ranges shown are indicative lender quotes from July 2026 and are not tied to a live benchmark. Borrower-specific pricing depends on credit, collateral, term, sponsor track record, and lender. Base rates: Prime 7.00% (Federal Reserve H.15), 10-yr Treasury 5.00%, SOFR 3.95%.
Where benchmarks stand on October 28, 2026
- The 10 year Treasury is 5.00% as of October 28, 2026. It is the base for conduit CMBS and life company pricing, while the AAA conduit spread was about 78 basis points in July 2026, according to Trepp.
- Prime is 7.00% as of October 28, 2026. It drives SBA 7(a) variable pricing.
- DSCR floor rates dropped to 5.95%. Top tier institutional non QM programs repriced their best band (760+ FICO, 1.25x+ DSCR) 10 to 20 bps tighter as MBS spread compression filtered through.
Drill into Today's Rates by Program
Each rate page below carries program specific structure, lender quote backed ranges, FAQ, and source citations.
Today's SBA Loan Rates
10.00 to 13.50%SBA 7(a) variable + fixed, 504 CDC, Express, MARC
Today's CMBS Rates
6.84 to 8.50%10 yr non recourse fixed by property type
Today's DSCR Loan Rates
5.95 to 8.50%30 yr fixed rental investor by FICO + DSCR
Today's Bridge Loan Rates
6.02 to 13.02%Transitional 12 to 36 mo, SOFR + spread
Today's CRE Rates
6.28 to 9.25% published Oct 27, 2026Conventional CRE, full doc, by property type
Today's Equipment Financing Rates
5.50 to 12.00%Loan, lease, SBA 504, vendor | Section 179 eligible
Today's Construction & Ground Up Rates
6.00 to 13.00% published bridge, Oct 27, 2026Ground up + construction bridge, drawn on cost / ARV
Today's Mezzanine Rates
9.99 to 12.00% tracked, Oct 2026Subordinate capital stack fill, cash + PIK + warrant
Today's Invoice Factoring Rates
0.5 to 3.5% / 30dB2B receivables advance by industry + advance rate
Frequently Asked Questions About Current Rates
What are current commercial lending rates in October 2026?+
As of October 28, 2026: SBA 7(a) variable 10.00 to 13.50%, CMBS conduit 6.84 to 8.50% (10 yr fixed), bridge loans 6.02 to 13.02% all in. Base rates: Prime 7.00%, 10 yr Treasury 5.00%, SOFR 3.95%. Flat quotes dated July 2026, not index linked: The SBA 504 debenture is published at 6.59 to 6.98 percent. Mezzanine programs tracked by PeerSense publish 9.99 to 12.00 percent in October 2026. DSCR investor loans and equipment financing have their own dedicated rate pages.
Which commercial loan has the lowest rate today?+
Published October 27, 2026 ranges are SBA 504 at 6.59 to 6.98 percent, conventional at 6.28 to 9.25 percent, CMBS at 6.84 to 8.50 percent, and bridge at 6.00 to 13.00 percent. PeerSense tracked mezzanine programs publish 9.99 to 12.00 percent in October 2026. These are ranges, so they do not identify one loan type as lowest across its full range.
Are commercial loan rates going up or down in 2026?+
The 10 year Treasury is 5.00%, Prime is 7.00%, and SOFR is 3.95% as of October 28, 2026. See the live board at the top of this page for movement. CMBS issuance hit 125.6 billion dollars in 2025, the highest since 2007.
How often are PeerSense rates updated?+
Weekly. Capital source quotes are refreshed every Monday. Base rates (Prime, SOFR, 10 yr Treasury) are sourced daily from Federal Reserve H.15 and shown with their as of date (latest October 28, 2026). CMBS spread data from Trepp. Multifamily agency from MBA CREF Quarterly.
What's the difference between SBA, CMBS, and bridge rates?+
As of October 28, 2026, SBA rates include 7(a) variable pricing subject to statutory caps and fixed 504 debenture pricing. CMBS conduit loans are published at 6.84 to 8.50%, with that range 184 to 350 basis points over the 10 year Treasury. Bridge loans are published at 6.02 to 13.02%, or 207 to 907 basis points over SOFR. SBA 504 also includes senior lender, CDC, and borrower equity components. The senior lender may provide up to 50 percent, the CDC up to 40 percent, and borrower equity is at least 10 percent.
What is the current Prime rate (October 2026)?+
Prime is 7.00% as of October 28, 2026. It drives SBA 7(a) variable pricing, business credit lines, and many small business term loans.
What is the current 10 year Treasury yield?+
The 10 year Treasury is 5.00% as of October 28, 2026. It is the base for CMBS conduit pricing, life company permanent loans, and most 10 year fixed CRE financing, with conduit spreads of 175 to 275 basis points depending on property type.
Where can I get a customized rate quote?+
Submit your deal profile via PeerSense and we'll route to 3 to 5 matching lenders simultaneously. Most respond after the file is on the desk with indicative pricing; full LOIs typically follow within 5 to 10 business days. We do not list specific lender rates without explicit consent, pricing is matched to your deal at engagement.
See Related Rates by Program
PeerSense covers the full commercial capital stack. These are indicative levels direct capital sources have been pricing across these programs as of October 1, 2026.
Originator warehouse
$100M a monthFocus $100 million a month. Will look at $10 million a month. $10 million is not the focus.
Invoice Factoring
0.5 to 3.5% / 30dB2B invoices from $20 million a month. Advance 80 to 95 percent of face.
CMBS Conduit
5.60 to 7.10%10 year Non Recourse fixed, $10 million and up, fully assumable
Bridge Loans
9.00 to 14.00%$10 million and up. Cash in about 35 percent. Name the takeout first.
Data Center
CRS to 89%$1 billion to $30 billion plus. Signed or guaranteed hyperscaler lease.
Contracted revenue sale
Up to 89%15 year lease signed or guaranteed by a hyperscaler. Size follows the lease.
Hotel Financing
SearchHotel financing is search only for $10 million and up, with cash in about 35 percent.
Private Credit
7.80 to 18.00%Non bank flexibility for commercial real estate at $10 million and up.
SBA 7(a) & 504
SearchSearch path. Not a growth lane on this desk.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Editorial integrity: Rates compiled by PeerSense Capital Advisory. PeerSense sources capital through a curated network of commercial lenders and capital sources. Content is for educational purposes and does not constitute financial, legal, or tax advice. Rates and terms reflect approximate October 2026 market conditions as of October 28, 2026 and may not reflect conditions at the time of reading. Consult a qualified financial professional for transaction specific guidance.