Life Company Spread Calculator
Life companies quote loans as a spread over the matching-term Treasury, so the spread stays stable while the rate moves with the bond market daily. Pick your term, add a typical spread, and see the estimated all-in rate using today's yield.
Reviewed by Trevor Damyan, Commercial Mortgage Broker (CA DRE 02244836)
Current 5-Yr Treasury: 4.78%
Typical tight life company execution: 120 to 180 bps. Special-use assets, secondary markets, or higher leverage price wider.
| Treasury yield | – |
| Spread | – |
| Estimated rate | – |
Estimates only. Life company spreads are set deal-by-deal based on asset quality, leverage, sponsorship, and market. CLS CRE places loans across the full life company market — see the lender table.
How life company spreads work
Life insurance companies hold commercial mortgages on their general account balance sheets and price them as a spread over the Treasury yield that matches the fixed period. A 5-year fixed loan prices over the 5-year Treasury; a 10-year fixed over the 10-year. The spread reflects the desk's appetite for your asset type, leverage, market, and sponsorship, and it moves far more slowly than the underlying bond yield.
Tight execution on institutional-quality stabilized assets currently runs roughly 120 to 180 basis points over Treasury. CLS CRE's own closings have included 2.25% to 2.85% over 3- and 5-year Treasuries on special-use and single-tenant assets, shown with full terms on the Symetra program page. Apply the current yield below to any spread quote to see the estimated all-in rate.
Frequently asked
What is a typical life company spread?
Tight spreads run roughly 120 to 180 bps over the matching-term Treasury for strong stabilized assets. Wider pricing applies to secondary markets, special-use assets, or leverage above about 60% LTV. Every desk prices deal by deal.
Why quote a spread instead of a rate?
The spread is the desk's underwriting opinion of your deal; the Treasury is the market. Separating them lets a quote stay meaningful for weeks while bond yields move daily, and lets you apply the live yield to see today's rate.
Which Treasury term matches my loan?
Match the fixed period: 3-year fixed uses the 3-year Treasury, 5-year uses the 5-year, 7-year uses the 7-year, 10-year uses the 10-year. Floating-rate structures price over SOFR instead.