Single Tenant Net Lease (NNN) Financing
Net lease financing covers acquisition and refinance loans for single tenant NNN properties occupied by national credit tenants. Programs include bank STNL loans from $750,000 to $8 million, CMBS conduit loans for larger properties, and life insurance company permanent financing for investment-grade tenants. CLS CRE has active relationships with dedicated net lease lenders who understand corporate lease structures, sale-leaseback transactions, and credit tenant underwriting.
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Single Tenant Net Lease (NNN) Commercial Financing
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.
Lender Sources
- Banks with Dedicated STNL Programs
- CMBS Conduit Lenders
- Life Insurance Companies
- Debt Funds (Bridge)
- SBA-Approved Lenders (Owner-Occupied NNN)
Ideal For
- QSR and fast casual restaurant NNN acquisitions
- Pharmacy and drug store NNN refinances
- Dollar store and value retail NNN portfolios
- Auto parts and service NNN properties
- 1031 exchange NNN acquisitions
- Sale-leaseback transactions with corporate tenants
- Multi-property NNN portfolios
Net Lease Financing by City
Related Property Types
Net Lease Financing are available for all major commercial property types. Explore financing by property category.
Net Lease Financing FAQ
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