Commercial mortgage programs compared

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.

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.

Fannie Mae and Freddie Mac against a CMBS conduit loan on a stabilized property: proceeds, interest-only, defeasance, assumption and when each lender wins.

A CMBS conduit loan against a life insurance company loan on stabilized property: leverage, rate, amortization, prepayment and servicing compared.

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.

A bank loan against a CMBS conduit loan on retail, office or industrial: recourse, proceeds, the cost of selling early and which borrower each suits.

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.

HUD's 223(f) against agency apartment loans: more leverage and a long fixed rate with no balloon, against faster closings and fewer rules.

HUD's 221(d)(4) against a bank construction loan for new apartments: leverage, the long fixed rate, guarantees, Davis-Bacon wages and the takeout.

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.

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.

Fixed or floating on a commercial mortgage: the index gap today, the SOFR level that breaks even with a rate cap, prepayment costs and who should float.

How the loan term changes your leverage, prepayment schedule, balloon and refinance risk on a commercial mortgage, with one loan priced at all three terms.

The three ways commercial mortgages charge for early payoff, how each one is calculated, and what each costs on one loan when rates fall, hold or rise.

Mezzanine loan or preferred equity to fill the gap above a senior loan: rank, remedies, senior lender consent, blended cost and what an early payoff costs.

A debt fund or mortgage REIT bridge loan against a bank's short-term loan: leverage, future funding, recourse, fees, extension tests and true cost.

A life insurance company mortgage against a bank loan on a low-leverage, stabilized property: rate, term, recourse, the balloon and ten-year cost.

SBA 504 against a conventional bank loan for a business buying its own building: down payment, fixed rate, fees, occupancy rules and payoff costs.