Commercial mortgages, from a first apartment building to a middle-market portfolio
Find the commercial mortgage program that fits the property, then get it financed
On the October 30, 2026 index readings, Freddie Mac Optigo carried the lowest indicative rate among the programs with a published spread. It prices at 5.89 to 6.29% today, on a 10-year Treasury of 4.94% on . Every program limit links to the lender's own term sheet or the regulation behind it, and every rate is a live index plus a dated spread.
Index rates today
4.71%
4.80%
4.94%
3.94%
3.90%
7.00%
Treasury yields: U.S. Treasury daily par yield curve. Prime: Federal Reserve H.15. SOFR: New York Fed. A reading is marked stale once it is more than five days old. © 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. This site is not affiliated with the New York Fed.
Indicative rates by program
Where each program prices today, and what it will lend
Each rate is the program's index today plus its published spread range, repriced in your browser when a newer index reading exists. "Priced deal by deal" means no public source publishes that program's spread, so the site shows none. Limits link to the lender's own term sheet or the rule behind them.
Small-balance loans
Apartment buildings, mixed-use, neighborhood retail, small industrial and self storage, financed by banks, credit unions, the agencies’ small-loan programs and non-bank lenders.
| Program | Indicative rate | Max LTV | Min DSCR | Loan size | Recourse |
|---|---|---|---|---|---|
| Fannie Mae SmallStabilized apartments wanting a long fixed rate, non-recourse | Priced deal by deal | 80% max LTV1 | 1.25x min DSCR1 | up to $9 million nationwide1 | Non-recourse (standard carve-outs) |
| Freddie Mac small balanceStabilized apartments, fixed rate, Freddie Mac’s current small-loan product | Priced deal by deal | 80% (7-year+ terms); 75% (5 to under 7 years)2 | 1.25x minimum amortizing DCR2 | generally a $2 million floor2; generally a $10 million ceiling (loans of $10 million or less)2 | Non-recourse (standard carve-outs) |
| Bank loanMost property types; flexible, usually with a guarantee | Priced deal by deal | Not published | Not published | Not published | Full recourse |
| Credit union loanMembers with local property and deposits to bring | Priced deal by deal | Not published | Not published | Not published | Varies by lender |
| DSCR loanInvestors sized on the property’s income, not tax returns | Priced deal by deal | Not published | Not published | Not published | Varies by lender |
| Blanket loanSeveral small properties under one loan | Priced deal by deal | Not published | Not published | Not published | Full recourse |
| Bridge loanLease-up, renovation or a fast close before permanent debt | 6.80 to 7.49% | Not published | Not published | Not published | Varies by lender |
Middle-market loans
Larger stabilized and transitional assets, financed by the agencies’ full programs, FHA, life companies, CMBS and debt funds.
| Program | Indicative rate | Max LTV | Min DSCR | Loan size | Recourse |
|---|---|---|---|---|---|
| Fannie Mae DUSStabilized apartments, fixed or floating, non-recourse | 5.99 to 6.59% | 80% max LTV3 | 1.25x min DSCR3 | Not published | Non-recourse (standard carve-outs) |
| Freddie Mac OptigoStabilized apartments, fixed or floating, non-recourse | 5.89 to 6.29% | 80% max LTV (7-year+), 75% (5 to under 7 years)4 | 1.25x min DCR4 | $10 million minimum4 | Non-recourse (standard carve-outs) |
| Agency supplementalA second agency loan on a building the agency already finances | Priced deal by deal | 80% combined LTV at 1.25x (7-year term)5 | 1.25x minimum combined amortizing DCR (terms of 5 years or more)5 | Not published | Non-recourse (standard carve-outs) |
| HUD 223(f)Apartments wanting the longest fixed term and amortization | Priced deal by deal | 87% LTV6 | 1.15x DSCR6 | Not published | Non-recourse (standard carve-outs) |
| HUD 221(d)(4)New construction or substantial rehab of apartments | Priced deal by deal | 87% of cost6 | 1.15x DSCR6 | Not published | Non-recourse (standard carve-outs) |
| Life company loanLow-leverage, well-located property; long fixed rates, strict prepayment | 6.09 to 7.14% | Not published | Not published | Not published | Non-recourse (standard carve-outs) |
| CMBS conduitNon-recourse, sized on the property; defeasance or yield maintenance to exit | 6.48 to 7.14% | Not published | Not published | Not published | Non-recourse (standard carve-outs) |
| Debt fund loanTransitional business plans and larger bridge loans | 6.98 to 7.33% | Not published | Not published | Not published | Non-recourse (standard carve-outs) |
Index readings used: 10-year Treasury 4.94% (); 5-year Treasury 4.71% (); 30-day average SOFR 3.90% (). Indications, not quotes. All loan programs · Rates by lender type · Multifamily rates by state · How rates are built
Program matcher
Not sure which program fits? Answer a few questions
The matcher asks for the property type, units, purpose, loan size, value and income, occupancy, credit, timing and whether you will sign a personal guarantee. It returns the programs that fit, ranked, with the reason for each, an indicative rate and an estimated maximum loan. Nothing you type leaves your browser until you choose to send it.
Three tests set the loan size
- Leverage
- Loan-to-value (or loan-to-cost on construction). The lender values the building, often below your price.
- Coverage
- Debt service coverage: net operating income over the annual payment, at the lender's rate and amortization.
- Debt yield
- Net operating income over the loan amount, used most by CMBS and debt funds. It ignores the rate.
The smallest of the three is your loan. The sizer and the matcher show which one binds for your numbers.
Start from what you have
By property type and by situation
Property types
- Small apartment buildings
Financing a 5 to 50 unit apartment building: agency small loans, banks, credit unions and DSCR lenders ranked, with HMDA rates by size and an example.
- Mixed use
Financing apartments over retail: how the commercial share decides between agency, bank, credit union and DSCR lenders, what lenders cut, and an example.
- Retail strip centers
Financing a strip or neighborhood shopping center: bank, life company, CMBS and bridge loans ranked, retail spreads, rollover tests and an example.
- Industrial and warehouse
Financing a warehouse or distribution building: life company, bank, CMBS and credit union loans ranked, industrial spreads, lender checks and an example.
- Self storage
Financing a self storage facility: stabilized and lease-up options ranked, how lenders read occupancy and street rates, construction rules, an example.
- Manufactured housing communities
Financing a mobile home park or manufactured housing community: Fannie Mae and Freddie Mac MHC terms, bank and CMBS options, lender checks, an example.
- Flex and small-bay industrial
Financing a flex or small-bay industrial building: bank, credit union, DSCR, SBA and CMBS loans ranked, how small tenants change underwriting, an example.
- Single-tenant net lease
Financing a single-tenant net lease property: when a credit tenant lease loan beats a life company, CMBS or bank loan, what lenders read, and examples.
- Large multifamily
Financing a 50+ unit apartment property: Fannie Mae DUS, Freddie Mac Optigo, FHA 223(f), life companies, CMBS and bridge ranked, with a sizing example.
- Medical office
Financing a medical office building: life company, bank, CMBS and CTL loans for investors, SBA and bank loans for practices, lender checks and an example.
- Office
Financing an office building now: which banks, life companies, CMBS lenders and debt funds still lend, office spreads, rollover tests and an example.
- Hotels
Financing a hotel: CMBS, bank, SBA, debt fund and bridge loans ranked, hotel debt yields and delinquency, how a PIP changes the loan, and an example.
Situations
- Maturing balloon loan
Your commercial loan balloons soon. Size the refinance gap, pick the lender to call first, use the open prepayment window, and fill a shortfall.
- First apartment building
First 5+ unit apartment purchase: which lenders take new investors, why coverage sets your loan, the cash to close, and what underwriters check.
- Cash-out refinance
How lenders size a commercial cash-out refinance, when a supplemental loan beats a new first mortgage, the agency and FHA limits, and a worked example.
- Value-add and renovation
Financing a value-add apartment or commercial renovation: bridge vs bank vs agency vs C-PACE, how the renovation budget is funded, and the exit math.
- Bridge to agency takeout
Exiting a multifamily bridge loan into Fannie Mae, Freddie Mac or FHA debt: the occupancy and coverage tests, takeout sizing, rate locks and gap fixes.
- 1031 exchange financing
Financing 1031 replacement property: replacing the old debt, lenders that close inside the exchange deadlines, TIC and DST limits, reverse exchanges.
- Partner buyout
Buying out a partner in a commercial property: cash-out refinance vs supplemental loan vs preferred equity vs seller note, lender consent, and the math.
- Loan assumption
When taking over a seller's low-rate commercial loan beats new financing, which loans are assumable, what the servicer checks, the fees and the gap.
Decide between them
Head-to-head comparisons and rankings
Comparisons
- Fannie Mae vs Freddie Mac
Fannie Mae or Freddie Mac for an apartment loan: size floors, term-based LTV, interest-only limits, prepayment math and the property types each one takes.
- Agency vs bank loans
Fannie Mae and Freddie Mac small loans against a bank loan on a 5 to 50 unit building: proceeds, recourse, the balloon, prepayment and hidden costs.
- Bank vs credit union
Bank or credit union for a small commercial mortgage: the NCUA one-borrower limit, guarantees, LTV policy, prepayment and the deal sizes each one fits.
- DSCR loan vs bank loan
A non-bank DSCR loan against a bank loan on a small apartment or mixed-use building: what each lender checks and what the rate gap costs in five years.
- Bridge vs permanent loans
When a floating-rate bridge loan beats a permanent loan on a value-add property, what the two-loan path really costs, and how to test the exit.
- Recourse vs non-recourse
Which commercial mortgage programs are recourse and which are not, what the carve-outs really trigger, and how guarantees limit what you can borrow next.
- FHA 223(f) vs agency
HUD's 223(f) against agency apartment loans: more leverage and a long fixed rate with no balloon, against faster closings and fewer rules.
- Agency vs CMBS
Fannie Mae and Freddie Mac against a CMBS conduit loan on a stabilized property: proceeds, interest-only, defeasance, assumption and when each lender wins.
Rankings, recomputed from today's index
- Best for small apartment buildings
Loan programs for 5 to 50 unit apartment buildings scored on leverage, recourse, amortization, approvals and fit for typical small-building loan sizes.
- Lowest rate today
Commercial mortgage programs ranked by today's rate: the live Treasury or SOFR plus each program's dated spread, next to rates on loans that closed.
- Best for a maturing loan
Refinance programs scored on the proceeds they allow (leverage, coverage floor, amortization), approvals, recourse and today's rate, for loans coming due.
- Non-recourse options
Which commercial mortgage programs lend without a personal guarantee, what the carve-outs still put on you, and what non-recourse costs in rate and terms.
- Highest leverage
Commercial mortgage programs ranked by published maximum loan-to-value, why the DSCR test usually caps the loan first, and how to borrow past the ceiling.
- Fastest to close
Commercial mortgage programs ranked by the approvals needed before funding, with published lock windows and the reports that set your closing date.
- Best for value-add
Bridge, bank, FHA rehab, C-PACE and subordinate capital for value-add deals, scored on speed, exit flexibility, leverage, recourse and today's rate.
Run the numbers
Calculators that start from today's rates
- Commercial mortgage calculator
Monthly payment, balloon at maturity, interest-only period and annual debt service on a commercial mortgage, priced from today's Treasury or SOFR reading.
- DSCR calculator
Debt service coverage on your NOI and loan, the largest loan a lender's minimum DSCR allows, and how far income can fall before coverage breaks.
- Cap rate and NOI calculator
Build NOI from rent, vacancy, expenses and reserves, then get the cap rate on a price or the value at a cap rate, with a lender sensitivity table.
- Cash-out refinance calculator
New loan on today's value capped by LTV and DSCR, payoff and closing costs, net cash to you and the equity left in the building after the refinance.
- Refinance gap calculator
Balloon owed at maturity against the new loan today's rate, value and coverage rules allow: the cash gap to close and which test creates it.
- Prepayment penalty calculator
Estimate a commercial mortgage prepayment premium: Fannie Mae and Freddie Mac yield maintenance, CMBS defeasance, step-down, SBA 504 and 7(a).
- Loan sizer (LTV, DSCR, debt yield)
See the largest commercial mortgage your property supports under each lender type’s LTV, DSCR and debt yield limits, at today’s index rates.
The market in figures
Who holds the country's commercial mortgage debt
Commercial and multifamily mortgage debt outstanding reached a record $5.1 trillion (as of June 30, 2026)13. Banks hold the largest share, which is why most small-balance loans start at a bank.
| Holder | Outstanding |
|---|---|
| Banks and thrifts | $1.9 trillion (38% of the total)12 |
| Agency and GSE portfolios and MBS | $1.2 trillion (23% of the total)12 |
| Life insurance companies | $782 billion (15% of the total)12 |
| CMBS, CDOs and other asset-backed issues | $651 billion (13% of the total)12 |
On apartment loans alone the agencies hold 50% ($1.2 trillion)12 and banks $668 billion (29%)12.
Lending conditions now
- Bank standards. Banks reported easier standards and basically unchanged demand for CRE loans (Fed survey, July 2026)14.
- Apartment loan credit at banks. 1.10% of multifamily loans noncurrent (as of June 30, 2026)15.
- The maturity wall. Loans scheduled to mature in 2026: $875 billion, 17% of $5.0 trillion outstanding16.
What this site is
Commercial.Mortgage is two things. It is a reference: the loan programs a commercial property owner can actually use, each with its published limits, the source and edition behind every figure, and an indicative rate built from today’s index. And it is a desk: when you want a loan, a person at Janover Capital LLC reads the request and works it.
Built for the loans most sites skip
Most commercial mortgage writing is pitched at office towers and hotel portfolios. Most owners hold something smaller: a twelve-unit building, a corner retail strip with apartments upstairs, a flex warehouse leased to three local tenants. Those loans run through community banks, credit unions, the agencies’ small-loan programs and non-bank DSCR lenders, and each has rules that change the answer: who signs a guarantee, how the property is valued, what it costs to sell early.
This site starts there. It then covers the programs sponsors move to as deals grow: Fannie Mae DUS and Freddie Mac Optigo loans, FHA-insured loans, life insurance company loans, CMBS, and debt fund bridge loans.
How to read a rate here
Every indicative rate is two numbers added together. The index is a public rate (a Treasury yield, SOFR or prime) read from its publisher, with the date of the reading. The spread is the lender’s margin, taken from a named, dated source. Where no public source publishes a spread for a program, the page says “Priced deal by deal” instead of inventing one. An indication tells you where a loan should land. A lender’s quote, after it has seen the rent roll and the operating statement, is the number that counts.
What happens when you ask for financing
- You send the property type, the purpose and the loan amount, then how to reach you. Two short steps.
- A person at Janover Capital reads it and checks which programs the deal fits and which test (leverage, coverage or debt yield) is likely to set the loan size.
- You get a reply with the questions a lender will ask first and the documents that move the deal fastest.
- The deal goes to lenders only when you say so. Sending a request commits you to nothing.
Questions people ask
How is a commercial mortgage rate set?
As an index plus a spread. A fixed-rate loan prices over the Treasury yield that matches its term, most often the 5-, 7- or 10-year. A floating-rate loan prices over SOFR, and some bank and private loans over the prime rate. The spread is the lender's margin for the property, the sponsor and the leverage, and it is where programs differ most.
Which program fits a small apartment building?
Start with four. A community bank or credit union that already knows you, Fannie Mae's Small Mortgage Loan program, Freddie Mac's Conventional Small product, and a non-bank DSCR loan when the building or the borrower does not fit a bank. The agency programs are non-recourse with long fixed terms. The bank usually wants a personal guarantee but moves faster and is more flexible on the building's condition.
Does Janover Capital lend the money?
No. Janover Capital LLC arranges financing. It is not a lender, and nothing on this site is a quote, a commitment or an offer to lend. A lender prices and sizes each loan on its own underwriting.
Is my request shared with lenders?
Only with your go-ahead. A person at Janover Capital reads the request first, tells you which programs it fits and what a lender will ask for, and sends it to lenders when you say so.
How current are the numbers?
Index rates refresh every business day, and again in your browser while you read. Program limits and spreads carry the date of the source they come from, and a figure appears only after a second check against that source. The sources page lists every one with its edition date.
Get financing
Send the property and the loan once. A person at Janover Capital LLC reads it, tells you which programs fit and replies, usually within one business day.
No lender sees your deal without your go-ahead. Prefer to talk? Call (561) 559-4111.
Sources
- Fannie Mae Multifamily, Small Mortgage Loan Program Term Sheet, retrieved November 1, 2026
- Freddie Mac Multifamily, Optigo Conventional Small Term Sheet, as of April 2026
- Fannie Mae Multifamily, Conventional Properties Term Sheet, retrieved November 1, 2026
- Freddie Mac Multifamily, Optigo Fixed-Rate Loans Term Sheet, as of April 2026
- Freddie Mac Multifamily, Optigo Supplemental Loan Term Sheet, as of November 2025
- HUD Mortgagee Letter 2025-03, Multifamily Changes in DSCR and LTV/LTC, as of January 8, 2025
- KKR Real Estate Finance Trust 10-Q, Q3 2026, as of September 30, 2026
- Granite Point Mortgage Trust 10-Q, Q2 2026, as of June 30, 2026
- Northmarq, Rates & Spreads (Multifamily Conventional), as of October 22, 2026
- CRED iQ, CRE Loan Spreads Tighten Across Property Types (Apr 17, 2026), as of March 31, 2026
- Blackstone Mortgage Trust 10-Q, Q3 2026, as of September 30, 2026
- MBA, Commercial/Multifamily Mortgage Debt Outstanding, Q2 2026, as of June 30, 2026
- MBA NewsLink, Commercial/Multifamily Mortgage Debt Outstanding Increased by $42.9B in Second Quarter, as of June 30, 2026
- Federal Reserve, Senior Loan Officer Opinion Survey on Bank Lending Practices, July 2026, as of June 30, 2026
- FDIC Quarterly Banking Profile, Second Quarter 2026, Table V-A, as of June 30, 2026
- MBA, 2025 Commercial Real Estate Survey of Loan Maturity Volumes (NewsLink, February 9, 2026), as of December 31, 2025
How we check figures: methodology and editorial policy.