Underwrite the opportunity
We review sponsorship, property performance, business plan, and priorities before approaching the market.
As the most common form of commercial real estate financing, permanent loans serve as the backbone of investment strategy for owners seeking to hold and operate income-producing properties. Sources include traditional banks, credit unions, life insurance companies, CMBS lenders, and government-sponsored agencies like Fannie Mae and Freddie Mac for multifamily assets. Each source offers different advantages in terms of rate, leverage, flexibility, and prepayment structure.
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.
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 | Relationship-oriented capital that can offer local market knowledge and structural flexibility, with recourse often considered. |
| Credit Unions | Relationship-oriented capital that can offer local market knowledge and structural flexibility, with recourse often considered. |
| Life Insurance Companies | Long-duration fixed-rate capital for high-quality assets and experienced sponsors, generally with conservative leverage. |
| CMBS Conduits | Non-recourse execution with broad property appetite, balanced against more standardized servicing and prepayment provisions. |
| Fannie Mae / Freddie Mac | Programmatic multifamily or housing capital with defined underwriting, documentation, and eligibility requirements. |
| Debt Funds | Flexible capital for transitional, complex, leveraged, or time-sensitive executions where conventional credit boxes may not fit. |
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.
We review sponsorship, property performance, business plan, and priorities before approaching the market.
The transaction is matched to lenders whose current appetite fits the property, market, and structure.
Proposals are evaluated across rate, proceeds, recourse, reserves, prepayment, and closing certainty.
We coordinate lender diligence, third-party reports, and issue resolution until the loan funds.
We arrange permanent financing nationwide while matching each transaction to capital sources active in that market and property type.
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.
A permanent commercial loan is long-term financing (5-25 years) for stabilized, income-producing commercial properties. Unlike bridge or construction loans, permanent loans feature fixed or floating rates with full amortization schedules, providing predictable debt service for property owners.
Permanent commercial loan rates typically range from 5.34% to 8.25%, depending on the lender type, property quality, borrower strength, and market conditions. Life insurance companies and agency lenders (Fannie Mae, Freddie Mac) generally offer the most competitive rates for qualifying properties.
Most permanent commercial loans offer up to 75% loan-to-value (LTV), though agency multifamily programs can go up to 80% LTV. LTV limits depend on the lender type, property type, and borrower qualifications.
Yes. Non-recourse permanent loans are available from life insurance companies, CMBS conduits, agency lenders, and select banks. Non-recourse means the borrower is not personally liable beyond standard carve-out guarantees for fraud, environmental issues, and other bad acts.
Virtually all stabilized commercial property types qualify for permanent financing, including multifamily apartments, industrial warehouses, retail shopping centers, office buildings, hospitality, self-storage, and mixed-use assets. The key requirement is stable occupancy and cash flow.
Permanent commercial loans typically close in 45-90 days from application, depending on the lender and property complexity. Bank loans may close faster (45-60 days), while life insurance company and CMBS loans typically require 60-90 days for underwriting, appraisal, and legal review.
Share the property and financing request. We will respond within 24 hours with an initial view.