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 July 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 July 2026?
As of July 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 9.00–14.00%, equipment 5.50–12.00%. Base rates: Prime 6.75%, 10-yr Treasury 4.38%, 1-mo SOFR 4.32%.
, PeerSense Capital Advisory · Updated July 2026
Today's Commercial Lending Rates by Program, July 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 | 9.00–14.00% | 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 Loans9.00–14.00%
- 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 July 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 4.38%, 1-mo SOFR 4.32%, MBA CREF Index July 2026.
What Changed (July 2026)
- 10-yr Treasury near 4.38%, down modestly from 4.45% earlier in the year. CMBS spreads held near +78 bps, keeping conduit fixed rates broadly stable 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%. 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
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
9.00–14.00%Transitional 12-36 mo, SOFR + spread
Today's CRE Rates
6.25–9.00%Conventional CRE, full-doc, by property type
Today's Equipment Financing Rates
5.50–12.00%Loan, lease, SBA 504, vendor | Section 179 eligible
Today's Construction & Ground-Up Rates
9.50–13.50%Ground-up + construction bridge, drawn on cost / ARV
Today's Mezzanine Rates
11.00–18.00%Subordinate capital-stack fill, cash + PIK + warrant
Today's Invoice Factoring Rates
0.5–3.5% / 30dB2B receivables advance by industry + advance rate
Frequently Asked Questions About Current Rates
What are current commercial lending rates in July 2026?+
As of July 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 9.00–14.00% all-in, equipment financing 5.50–12.00%, mezzanine 11.00–18.00%. Base rates: Prime 6.75%, 10-yr Treasury 4.38%, 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 mid-2026, rates held near spring levels. The 10-yr Treasury is 4.38%, down modestly from 4.45% earlier in the year. CMBS AAA spreads near +78 bps. CMBS issuance hit $125.6B in 2025, highest since 2007, signaling deep market liquidity. Forward curves imply modest movement through year-end depending on Fed policy.
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: July 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 + 470-970 bps for value-add or pre-stabilized.
What is the current Prime rate (July 2026)?+
Prime rate is 6.75% as of July 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 4.38% as of July 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. Indicative levels that lenders in our network have been pricing across these programs, as of July 21, 2026.
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
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
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
Indicative only, as of July 21, 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 does not lend and does not set pricing. What these terms mean.
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 July 2026 market conditions and may not reflect current conditions at time of reading. Consult a qualified financial professional for transaction-specific guidance.