Underwrite the opportunity
We review sponsorship, property performance, business plan, and priorities before approaching the market.
Net Lease financing
Single Tenant Net Lease (NNN) Commercial Financing
Quick answer: Net lease financing covers acquisition and refinance loans for single tenant NNN properties occupied by national credit tenants. Programs include bank STNL loans from $2 million to $8 million, CMBS conduit loans for larger properties, and life insurance company permanent financing for investment-grade tenants. Commercial Lending Solutions has active relationships with dedicated net lease lenders who understand corporate lease structures, sale-leaseback transactions, and credit tenant underwriting.
NationwideMarket coverage
1,000+Capital relationships
$2MM+CLS engagement floor
24 hoursInitial response
When it fits
When Net Lease financing fits.
The NNN financing market is divided by loan size. Smaller STNL deals under $8 million are typically best served by dedicated bank net lease programs that offer CMT-based pricing, flexible prepayment, and non-recourse structures starting at 60% LTV. Mid-size deals from $5 million to $20 million attract both CMBS conduits and life insurance companies, with CMBS offering higher leverage and life companies offering tighter spreads for trophy assets. Large portfolio transactions and institutional NNN properties access life company and CMBS executions with the most competitive long-term fixed rates. Common tenant categories include quick service restaurants, pharmacy chains, dollar retailers, auto parts stores, convenience stores, and other 500-plus location national brands.
Structure before pricing: leverage, recourse, reserves, prepayment, and closing certainty can matter as much as the headline coupon. We test those trade-offs before recommending a path.
01
QSR and fast casual restaurant NNN acquisitions
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Pharmacy and drug store NNN refinances
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Dollar store and value retail NNN portfolios
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Auto parts and service NNN properties
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1031 exchange NNN acquisitions
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Sale-leaseback transactions with corporate tenants
Lender selection
How We Source Net Lease Capital
We do not treat the lender list as a directory. We target the desks whose current appetite fits the asset, sponsorship, market, and business plan, then compare the full execution, not only the rate.
| Capital source | Where it may fit |
|---|---|
| Banks with Dedicated STNL Programs | Relationship-oriented capital that can offer local market knowledge and structural flexibility, with recourse often considered. |
| CMBS Conduit Lenders | Non-recourse execution with broad property appetite, balanced against more standardized servicing and prepayment provisions. |
| Life Insurance Companies | Long-duration fixed-rate capital for high-quality assets and experienced sponsors, generally with conservative leverage. |
| Debt Funds (Bridge) | Flexible capital for transitional, complex, leveraged, or time-sensitive executions where conventional credit boxes may not fit. |
| SBA-Approved Lenders (Owner-Occupied NNN) | Government-supported owner-occupied financing with program-specific eligibility, occupancy, and documentation standards. |
How we work
One process. Multiple capital sources.
We position the transaction, identify the lenders most likely to compete, and compare proposals on economics and execution risk, not just headline rate.
A well-structured financing process should create real choices for the borrower, not simply deliver the first term sheet.
Target the right lender desks
The transaction is matched to lenders whose current appetite fits the property, market, and structure.
Create a comparable field
Proposals are evaluated across rate, proceeds, recourse, reserves, prepayment, and closing certainty.
Manage execution through closing
We coordinate lender diligence, third-party reports, and issue resolution until the loan funds.
National reach
Market knowledge where the deal requires it.
We arrange net lease financing nationwide while matching each transaction to capital sources active in that market and property type.
Atlanta, GABoston, MAChicago, ILDallas, TXDenver, COHouston, TXLos Angeles, CAMiami, FLNashville, TNNew York, NYPhoenix, AZSan Diego, CASan Francisco, CASeattle, WATampa, FL
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Questions
Net Lease financing, clarified.
The final structure depends on the asset, sponsorship, and market. These are the starting parameters we discuss most often.
Working out equity? Our commercial property down payment guide covers typical requirements by loan type: 20% to 30% conventional, 10% for SBA owner occupied.
Net lease financing refers to commercial real estate loans secured by properties where tenants pay some or all operating expenses (taxes, insurance, and maintenance) in addition to base rent. Single-tenant net lease properties with long-term leases to investment-grade or nationally recognized tenants are among the most sought-after collateral in commercial lending, commanding the most competitive rates and highest leverage in the market.
Single-tenant NNN properties with long-term leases (10 to 25 years) to investment-grade or nationally recognized tenants are the most financeable. Top examples include pharmacies, fast food chains, dollar stores, convenience stores, auto parts retailers, medical users, and bank branches. Triple net (NNN) leases are preferred over double-net (NN) because the tenant absorbs all operating expenses.
Net lease loan rates range from 5.00% to 6.75% for investment-grade single-tenant NNN assets with long lease terms, making them among the most competitively priced deals in commercial real estate. Rates are driven by tenant credit rating, remaining lease term, and market location. Life insurance companies and CMBS lenders are the most competitive sources.
Net lease properties with investment-grade tenants and long lease terms can achieve up to 70 to 75 percent LTV from CMBS lenders and 60 to 65 percent LTV from life insurance companies. Higher leverage is justified by the predictable, bond-like cash flows from creditworthy net lease tenants. Below-investment-grade tenants or shorter remaining lease terms are typically capped at 55 to 65 percent LTV.
Remaining lease term is one of the most critical underwriting factors. Most lenders require the lease to extend at least 5 to 7 years beyond loan maturity. A property with 20 or more years of remaining term commands the most competitive financing. As lease terms shorten below 10 years, lenders apply risk premiums and reduce maximum LTV. Properties with fewer than 5 years remaining may require bridge financing or a lease renewal as a condition of permanent financing.
Life insurance companies offer the most competitive rates for long-term investment-grade net lease deals, typically 5.00% to 6.25% for 10 to 25-year terms. CMBS conduits offer higher leverage (up to 75 percent LTV) for both investment-grade and sub-investment-grade tenants. Commercial banks are competitive for shorter lease terms and local or regional credit tenants. Commercial Lending Solutions has direct allocation relationships with the top life company and CMBS net lease desks nationally.
Let's evaluate the right net lease structure.
Share the property and financing request. We will respond within 24 hours with an initial view.