Commercial Lending Rates 2026 — Today's Rates Across SBA, CMBS, DSCR, Bridge, Equipment
Live commercial loan rates across every program PeerSense covers. Rates indicative as of April 28, 2026, refreshed weekly from real lender quotes across 899+ active lenders. Base rates sourced from Federal Reserve H.15, MBA CREF, and Trepp.
Sources: Federal Reserve H.15, MBA CREF Quarterly, Trepp CMBS Delinquency, SBA 7(a) Lender Match
What are current commercial lending rates as of April 28, 2026?
As of April 28, 2026: SBA 7(a) 9.50–11.75% variable, SBA 504 5.50–6.50% fixed, CMBS conduit 5.60–7.10% (10-yr fixed), DSCR investor 5.95–8.50%, bridge 7.80–10.80%, equipment 5.50–12.00%. Base rates: Prime 6.75%, 10-yr Treasury 4.25%, 1-mo SOFR 4.32%.
— PeerSense Capital Advisory · Updated April 28, 2026
Today's Commercial Lending Rates by Program — April 28, 2026
As of
| Program | Current Rate | Term |
|---|---|---|
| SBA 7(a) Variable | 9.50–11.75% | Up to 25 yr |
| SBA 504 (CDC portion) | 5.50–6.50% | 20–25 yr fixed |
| CMBS Conduit | 5.60–7.10% | 10-yr fixed |
| DSCR Investor | 5.95–8.50% | 30-yr fixed |
| Bridge Loans | 7.80–10.80% | 12–36 mo |
| Equipment Financing | 5.50–12.00% | 3–10 yr |
| Commercial Real Estate (Conv.) | 6.25–9.00% | 5–25 yr |
| Mezzanine Debt | 11.00–18.00% | 3–7 yr |
- SBA 7(a) Variable9.50–11.75%
- Term
- Up to 25 yr
- Loan Size
- $50K – $5M
- Best For
- Acquisitions, working capital, goodwill
- SBA 504 (CDC portion)5.50–6.50%
- Term
- 20–25 yr fixed
- Loan Size
- $125K – $5.5M
- Best For
- Owner-occupied CRE + heavy equipment
- CMBS Conduit5.60–7.10%
- Term
- 10-yr fixed
- Loan Size
- $5M – $500M+
- Best For
- Stabilized CRE, non-recourse
- DSCR Investor5.95–8.50%
- Term
- 30-yr fixed
- Loan Size
- $100K – $3M
- Best For
- 1-4 unit rental, qualifies on cash flow
- Bridge Loans7.80–10.80%
- Term
- 12–36 mo
- Loan Size
- $1M – $100M+
- Best For
- Value-add, pre-stabilization, transitional
- Equipment Financing5.50–12.00%
- Term
- 3–10 yr
- Loan Size
- $25K – $50M+
- Best For
- New/used equipment, Section 179
- Commercial Real Estate (Conv.)6.25–9.00%
- Term
- 5–25 yr
- Loan Size
- $500K – $25M
- Best For
- Investor CRE, owner-occupied, mixed-use
- Mezzanine Debt11.00–18.00%
- Term
- 3–7 yr
- Loan Size
- $1M – $50M
- Best For
- Capital stack fill, subordinate to senior
Rates indicative based on April 28, 2026 quotes across 899+ active lenders. Borrower-specific pricing depends on credit, collateral, term, sponsor track record, and lender. Base rates: Prime 6.75% (Federal Reserve H.15), 10-yr Treasury 4.25%, 1-mo SOFR 4.32%, MBA CREF Index April 2026.
What Changed This Month (April 2026 vs March 2026)
- 10-yr Treasury compressed ~20 bps — fell from 4.45% (March) to 4.25% (April 28). CMBS spreads tightened to +78 bps, dragging conduit fixed rates 15-25 bps lower across most property types.
- Prime rate held at 6.75% — Fed paused after March meeting. SBA 7(a) variable rates unchanged; forward curve implies 25-50 bps cut probability through year-end.
- DSCR floor rates dropped to 5.95% — Velocity, CoreVest, Kiavi, and Visio repriced top-tier (760+ FICO, 1.25x+ DSCR) deals 10-20 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
5.50–11.75%SBA 7(a) variable + fixed, 504 CDC, Express, MARC
Today's CMBS Rates
5.60–7.10%10-yr non-recourse fixed by property type
Today's DSCR Loan Rates
5.95–8.50%30-yr fixed rental investor by FICO + DSCR
Today's Bridge Loan Rates
7.80–10.80%Transitional 12-36 mo, SOFR + spread
Today's CRE Rates
6.25–9.00%Conventional CRE, full-doc, by property type
Frequently Asked Questions About Current Rates
What are current commercial lending rates in April 2026?+
As of April 28, 2026: SBA 7(a) variable 9.50–11.75%, SBA 504 CDC portion 5.50–6.50% fixed, CMBS conduit 5.60–7.10% (10-yr fixed), DSCR investor 5.95–8.50% (30-yr fixed), bridge loans 7.80–10.80% all-in, equipment financing 5.50–12.00%, mezzanine 11.00–18.00%. Base rates: Prime 6.75%, 10-yr Treasury 4.25%, 1-mo SOFR 4.32%.
Which commercial loan has the lowest rate today?+
SBA 504 CDC portion at 5.50–6.50% fixed has the absolute floor — but it's only available for owner-occupied real estate or heavy equipment with 10% borrower equity. For investor CRE, CMBS multifamily and industrial start at 5.50–6.30% (10-yr non-recourse fixed). DSCR rental loans bottom at 5.95% for top-tier 1-4 unit investor deals.
Are commercial loan rates going up or down in 2026?+
Through April 2026, most rates compressed modestly. The 10-yr Treasury fell ~20 bps from March to 4.25%. CMBS AAA spreads tightened to +78 bps. CMBS issuance hit $125.6B in 2025 — highest since 2007, signaling deep market liquidity. Forward curves imply 25-50 bps further compression through year-end if Fed cuts materialize.
How often are PeerSense rates updated?+
Weekly. We pull active lender quotes across our 899+ lender network every Monday. Base rates (Prime, SOFR, 10-yr Treasury) are sourced daily from Federal Reserve H.15. CMBS spread data from Trepp. Multifamily agency from MBA CREF Quarterly. Last update: April 28, 2026.
What's the difference between SBA, CMBS, and bridge rates?+
SBA (7(a)/504) is government-guaranteed for businesses ≤$5M, with 7(a) variable at Prime + 2.25–2.75% and 504 fixed 5.50–6.50%. CMBS is non-recourse, securitized 10-yr fixed for $5M+ stabilized CRE at 5.60–7.10%. Bridge is short-term (12–36 mo) transitional at SOFR + 350-650 bps for value-add or pre-stabilized.
What is the current Prime rate (April 2026)?+
Prime rate is 6.75% as of April 28, 2026 (Federal Reserve H.15). Prime drives most SBA 7(a) variable-rate pricing, business credit lines, and many small-business term loans. Fed has held Prime steady through Q1 2026; forward curve implies one to two 25 bps cuts possible in H2.
What is the current 10-year Treasury yield?+
10-yr Treasury yield is 4.25% as of April 28, 2026, down from 4.45% in early March. The 10-yr is the primary base rate for CMBS conduit pricing, life-company permanent loans, and most 10-yr fixed CRE financing. CMBS spreads currently +175-275 bps over the 10-yr depending on property type.
Where can I get a customized rate quote?+
Submit your deal profile via PeerSense and we'll route to 3-5 matching lenders simultaneously. Most respond within 24-48 hours with indicative pricing; full LOIs typically follow within 5-10 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. 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
CMBS Conduit
5.60–7.10%10-yr non-recourse fixed, $5M–$500M+, fully assumable
Bridge Loans
7.80–10.80%12–36 mo transitional, SOFR + 350-650 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
Editorial integrity: Rates compiled by PeerSense Capital Advisory. PeerSense is a capital advisory firm, not a lender. Content is for educational purposes and does not constitute financial, legal, or tax advice. Rates and terms reflect approximate April 28, 2026 market conditions and may not reflect current conditions at time of reading. Consult a qualified financial professional for transaction-specific guidance.