Find your commercial loan

What the matcher returns: an example

Illustration: a stabilized 24-unit apartment building worth $3,500,000 with $240,000 of net operating income, refinancing a bank loan into a $2,400,000 loan, closing in 30 to 60 days, owner prefers non-recourse. The deal is made up; the limits, spreads and estimates are the programs’ published figures at today’s index.

12 programs drop out for this deal: on loan purpose, Agency supplemental loans (Fannie Mae and Freddie Mac), Commercial construction loan, FHA 221(d)(4) construction loans; on property type, Commercial land loan, Credit tenant lease financing, HUD 232 healthcare loans, Owner-occupied commercial mortgage (SBA 504, 7(a), bank); on a condition this deal does not have, FHA 223(a)(7) streamlined refinance, Leasehold (ground lease) financing, Portfolio and blanket loan; on other rules, FHA 223(f) multifamily loans; on loan size, Freddie Mac Optigo conventional loans. 3 more (Mezzanine loans, C-PACE financing, Preferred equity) are layers above a first mortgage, listed separately.

How the matcher decides

Each rule is applied in this order. A program either drops out (with the reason shown under “Ruled out”), stays in with a caution, or earns a point in its favor.

1. A program is shown only if it lends on your property type. Apartment buildings of 5 to 50 units also match small-balance programs; above 50 units only the multifamily programs. Buildings of 1 to 4 units are residential loans and are outside this tool.
2. The program must offer your loan purpose. Bridge and value-add plans match programs that do bridge or renovation loans.
3. Your loan must sit inside the program’s published minimum and maximum. Where no limit is published, the program stays in and the result says so.
4. Some programs exist only for one situation: a supplemental loan needs an existing Fannie Mae or Freddie Mac loan, FHA 223(a)(7) needs an existing FHA-insured loan, leasehold financing needs a ground lease, credit tenant lease financing needs a single tenant on a long lease, blanket loans need several properties, and owner-occupied loans need your business in the building.
5. Permanent programs that size on in-place income (Fannie Mae, Freddie Mac, FHA 223(f), life companies, CMBS, DSCR loans) need a stabilized property. A vacant building rules them out; a property in lease-up drops them to a stretch, and a bridge loan first is the usual path.
6. If you need a non-recourse loan, full-recourse programs drop out. Programs where recourse varies by lender stay in with a caution.
7. A recent credit event (bankruptcy, foreclosure, serious late payments) counts against agency, FHA and life company programs, which screen the sponsor closely, and favors bridge, DSCR and private lenders, which lend more on the property and the plan.
8. A tight closing date counts against programs that usually take longest and favors bridge and private lenders. FHA and HUD loans drop out for a close inside 60 days (a 223(a)(7) refinance only inside 30 days, and is a stretch inside 60) and are a stretch at 60 to 90 days. Where a program publishes a typical timeline, that figure is used instead.
9. With a value (or total cost for construction) and NOI, each program is sized on its own published maximum LTV or LTC, minimum DSCR at today’s indicative rate and its maximum amortization, and minimum debt yield. The smallest test is the estimate. A loan above that estimate is a stretch: it needs more equity or a second layer. A cash-out refinance uses the program’s cash-out ceiling where one is published.
10. Where a program publishes a minimum DSCR but no spread or amortization, coverage is tested at a same-agency sibling’s indicative rate and amortization and labeled as a stand-in. Where no verified figure exists to stand in (FHA and HUD), the estimate is loan-to-value only, says so, and is not counted as a fit.
11. Supplemental loans are sized on the first loan and the supplemental together, so they need the first loan’s balance (and its monthly payment for the coverage test). Without them no estimate is given.
12. Programs that publish no limits are never more than a possible fit when value or NOI is entered, because nothing can be tested. Where the site holds the average leverage and coverage of loans actually made (life companies, CMBS conduits, the loans CBRE arranged), an ask well above those averages gets a caution. Averages are not limits.
13. Mezzanine, preferred equity and C-PACE are not first mortgages. They are listed separately as ways to fill a gap above the first loan.
14. Programs are ordered by fit (how many cautions apply and how serious), then by today’s indicative rate (index plus the program’s published spread), then by leverage. A program with no published spread shows no rate rather than a guess.

The same rules answer the MCP server’s match_programs tool and the /api/match endpoint, so an AI assistant and this page give the same answer on the same inputs.

Every program’s published limits

Match by hand from this table if you prefer. 6 of the 27 programs have a public spread source, so only those show a rate. “Not published” means no primary source we could verify states the limit: the lender sets it deal by deal.