# Commercial.Mortgage

> 27 commercial mortgage programs compared on published limits, with live indicative rates, a program matcher and calculators. Financing arranged by Janover Capital LLC, which is not a lender.

Commercial.Mortgage is published by Janover Capital LLC. Contact: hello@commercial.mortgage.

Programs: 27 commercial mortgage programs (Fannie Mae, Freddie Mac, FHA/HUD, bank, credit union, life company, CMBS, SASB, bridge, debt fund, DSCR, construction, land, C-PACE, mezzanine, preferred equity and more), with 59 published figures, each dated and linked to its primary source. 6 programs have a public spread and an indicative rate (index plus spread). Program pages: /loans/. Matcher: /find-your-loan/.
Index today: 10-year Treasury 4.94% (2026-10-30), 30-day average SOFR 3.90% (2026-10-30), Bank prime rate 7.00% (2026-10-29). Treasury from the U.S. Treasury, SOFR from the New York Fed, prime from the Federal Reserve H.15; refreshed every business day and live at /api/rates.
Tools: a program matcher, a loan sizer on each program's LTV, DSCR and debt yield limits, calculators (payment, DSCR, debt yield, LTV/LTC, cap rate, cash-out, refinance gap, prepayment, blended rate, closing costs).
MCP server: https://commercial.mortgage/mcp (free, read-only, no key): match_programs, program_rules, compare_programs, get_rates, prepayment_estimate, size_loan, get_rates_by_lender_type, get_spreads_by_property_type, get_index_rates. Setup: /developers/.
JSON API (no key, CORS open): /api/programs, /api/programs/{slug}, /api/match, /api/rates, /api/live. OpenAPI: /openapi.json. Rules file: /data/programs.json. Downloads: /data/.
Janover Capital LLC arranges commercial-purpose financing; it is not a lender. Rates are indications, not quotes.

## Pages
- [Find the commercial mortgage program that fits the property, then get it financed](https://commercial.mortgage/): Compare commercial mortgage programs for apartments, mixed-use, retail and industrial property, see today's pricing from the live index, and get financing.
- [About Commercial.Mortgage](https://commercial.mortgage/about/): Who runs Commercial.Mortgage, what the Janover Capital desk does with a financing request, how the numbers are checked, and what the site will not do.
- [Commercial mortgage calculators: payment, DSCR, LTV and more](https://commercial.mortgage/calculators/): Free commercial mortgage calculators that preload today’s index rates: payment and balloon, DSCR, debt yield, LTV, cap rate, refinance and prepayment.
- [Commercial mortgage programs compared head to head](https://commercial.mortgage/compare/): Two programs or lender types at a time: a decision table on rate, leverage, recourse, prepayment and speed, and a plain verdict on which to pick.
- [Contact Commercial.Mortgage](https://commercial.mortgage/contact/): Send Commercial.Mortgage a question about a commercial mortgage, a correction to our data, or a press request. We read every message and reply by email.
- [Commercial mortgage rate data: API, embed and downloads](https://commercial.mortgage/data/): Program rules and rates as JSON, the lender-type and property-type spread tables as CSV or JSON, the live rate API, and an embeddable rate ticker.
- [Commercial mortgage MCP server and API for AI assistants](https://commercial.mortgage/developers/): Free MCP server and JSON API: match a deal to commercial mortgage programs, program rules with sources, live rates, loan sizing and prepayment estimates.
- [Editorial policy](https://commercial.mortgage/editorial-policy/): How Commercial.Mortgage pages are researched, written, fact-checked, dated and corrected, what the site won't publish, and why no lender pays for a spot.
- [Find your loan (program matcher)](https://commercial.mortgage/find-your-loan/): Answer a few questions about the property and the loan. The matcher ranks every commercial mortgage program by fit, with today's rate and a loan estimate.
- [For brokers and advisors](https://commercial.mortgage/for-brokers-and-advisors/): Free tools for commercial mortgage brokers, advisors and analysts: an embeddable rate ticker, a rate API, program data, an MCP server and deal referral.
- [Get commercial mortgage financing](https://commercial.mortgage/get-quotes/): Send the property, loan purpose and amount to Janover Capital. A person reads every request and replies; no lender sees your deal without your go-ahead.
- [Guides from Commercial.Mortgage](https://commercial.mortgage/guides/): How lenders size a commercial mortgage (coverage, leverage and debt yield) and what prepayment penalties cost, with worked numbers and routes to the tools.
- [Commercial mortgage lender types compared side by side](https://commercial.mortgage/lenders/): Banks, life companies, CMBS, agency and debt funds compared: what each lends on, its index, spread range, leverage limits and the catch.
- [Agency lenders: who they are, how they price, what they offer](https://commercial.mortgage/lenders/agency/): How Fannie Mae, Freddie Mac and FHA lend on apartments: the lender networks behind them, market share, the 2026 caps, how pricing works and every program.
- [Banks and credit unions as commercial mortgage lenders](https://commercial.mortgage/lenders/bank/): Banks and credit unions as commercial real estate lenders: how much they hold, how they price, credit quality by bank size and the loans they make.
- [CMBS lenders](https://commercial.mortgage/lenders/cmbs/): Who CMBS lenders are, how much of the commercial mortgage market they hold, how conduit and SASB loans get priced, and which programs fit which borrowers.
- [Debt funds and mortgage REITs](https://commercial.mortgage/lenders/debt-fund/): Who debt funds and mortgage REITs are, their share of commercial lending, how they fund and price loans from public filings, and which programs they offer.
- [Life insurance companies as commercial mortgage lenders](https://commercial.mortgage/lenders/life-company/): Life insurers as commercial mortgage lenders: how much they hold, why their loans perform, how they source and price loans and what they lend on.
- [Commercial mortgage loan programs compared, with live rates](https://commercial.mortgage/loans/): Every commercial mortgage program side by side: who it fits, loan size, max LTV, DSCR, term, recourse and an indicative rate built from today’s index.
- [Commercial mortgage market data: rates, credit and lending](https://commercial.mortgage/market/): Monthly rate survey, lending conditions, delinquency and debt outstanding for U.S. commercial mortgages, each figure dated and linked to its source.
- [How Commercial.Mortgage builds its rates, with every source](https://commercial.mortgage/methodology/): The index series, the spread sources and dates, the freshness rules and the formulas behind every rate and loan size on Commercial.Mortgage.
- [Commercial mortgage options by property type](https://commercial.mortgage/property/): Pick the property type and see which loan programs lend on it, ranked, with the leverage, coverage and spread norms lenders apply to that asset.
- [Commercial mortgage programs ranked on today’s rates and limits](https://commercial.mortgage/rankings/): Programs ranked by indicative rate, leverage, recourse and speed to close. Order set at publication; rate rankings re-sort when the index updates.
- [Commercial mortgage guides by situation](https://commercial.mortgage/situations/): A maturing balloon, a cash-out, a first apartment building, a partner buyout: what lenders look for in each case and which programs usually fit.
- [Sources](https://commercial.mortgage/sources/): Every source behind the figures on Commercial.Mortgage: agency term sheets, regulations, filings and surveys, with edition dates and what each one backs.

## Loan programs
- [Agency supplemental loans: equity out without a refinance](https://commercial.mortgage/loans/agency-supplemental-loans/): How agency supplemental loans pull equity out behind a Fannie Mae or Freddie Mac first loan: combined sizing, seasoning windows, blended cost and pitfalls.
- [Bank commercial mortgage for investment property](https://commercial.mortgage/loans/bank-commercial-mortgage/): How banks size, price and structure loans on investor-owned commercial property: the coverage test, the balloon, guarantees and credit review.
- [Commercial bridge loans](https://commercial.mortgage/loans/bridge-loans/): How commercial bridge loans are priced over SOFR and sized on the business plan, a worked bridge-to-permanent example, and the tests that trip deals.
- [C-PACE financing](https://commercial.mortgage/loans/c-pace-financing/): How C-PACE funds energy and resiliency work through a property tax assessment, how it fits a capital stack, and why lender consent decides it.
- [CMBS conduit loans](https://commercial.mortgage/loans/cmbs-conduit-loans/): How conduit CMBS loans are priced and sized in 2026, what SEC-filed pools show for LTV, DSCR and debt yield, and what defeasance costs to get out early.
- [Commercial construction loans](https://commercial.mortgage/loans/construction-loans/): How banks size construction loans: loan-to-cost, HVCRE equity rules, interest reserves, draws, guarantees and the takeout test, with a worked budget.
- [Credit tenant lease financing](https://commercial.mortgage/loans/credit-tenant-lease-financing/): How credit tenant lease loans are sized on a rated tenant's rent instead of building value, which leases qualify, and when CTL beats a mortgage.
- [Credit union commercial real estate loans](https://commercial.mortgage/loans/credit-union-commercial-loans/): How credit unions lend on investment property: NCUA Part 723, the one-borrower and business-loan caps, membership and when they beat a bank.
- [Debt fund and mortgage REIT loans](https://commercial.mortgage/loans/debt-fund-loans/): How debt fund and mortgage REIT loans work: future funding, extension tests, rate caps, the fees behind all-in yield, and when they beat a bank.
- [Non-bank DSCR loans for 5+ units and mixed use](https://commercial.mortgage/loans/dscr-commercial-loans/): How non-bank DSCR loans size small apartment and mixed-use buildings on rent alone, what they cost next to bank loans, with a 12-unit example.
- [Fannie Mae DUS multifamily loans](https://commercial.mortgage/loans/fannie-mae-multifamily-loans/): How Fannie Mae DUS apartment loans size, price and prepay: the leverage grid, non-recourse terms, a worked sizing example, costs and what kills deals.
- [Fannie Mae Small Loans for apartment buildings](https://commercial.mortgage/loans/fannie-mae-small-loans/): Fannie Mae Small Mortgage Loans for small apartment buildings: the size cap, leverage and coverage, lighter reports, a sizing example and how it compares.
- [FHA 221(d)(4) construction-to-permanent loans](https://commercial.mortgage/loans/fha-221d4-loans/): HUD 221(d)(4) for new apartments and substantial rehab: loan-to-cost and coverage by tier, prevailing wages, the 2025 premium cut, sizing and timing.
- [FHA 223(a)(7) streamlined refinance](https://commercial.mortgage/loans/fha-223a7-loans/): How HUD's 223(a)(7) refinances an FHA-insured apartment loan: who qualifies, the three-way loan cap, fees, the 2025 premium cut and a worked example.
- [FHA 223(f) multifamily loans](https://commercial.mortgage/loans/fha-223f-loans/): HUD 223(f) apartment loans after the 2025 changes: leverage and coverage by property type, the lower insurance premium, a sizing example and deal killers.
- [Freddie Mac Optigo conventional multifamily loans](https://commercial.mortgage/loans/freddie-mac-optigo-loans/): Freddie Mac Optigo apartment loans: the published leverage grid, fixed and floating options, the securitization lockout, a sizing example and costs.
- [Freddie Mac small balance loans after the 2026 change](https://commercial.mortgage/loans/freddie-mac-small-balance-loans/): Freddie Mac retired its Small Balance Loan program in April 2026. What Conventional Small offers now, what changed, who lost out and where they go instead.
- [Hard money and private commercial loans](https://commercial.mortgage/loans/hard-money-commercial-loans/): What private and hard money commercial loans cost from public filings, how points and minimum interest add up, and state usury limits.
- [HUD 232 healthcare facility loans](https://commercial.mortgage/loans/hud-232-loans/): HUD Section 232 loans for skilled nursing, assisted living and memory care: leverage by facility type, coverage, insurance premiums and operator review.
- [Commercial land loans](https://commercial.mortgage/loans/land-loans/): How lenders finance raw land, entitled sites and land development: the supervisory LTV limits, why your income carries the loan, and how to plan the exit.
- [Leasehold (ground lease) financing](https://commercial.mortgage/loans/leasehold-financing/): How lenders finance buildings on ground-leased land: the remaining lease term Freddie Mac and HUD require, and the lease clauses lenders need.
- [Life insurance company commercial mortgage loans](https://commercial.mortgage/loans/life-company-loans/): How life company commercial mortgages are sized and priced, which properties they want, and the yield maintenance and transfer terms that come with them.
- [Mezzanine loans](https://commercial.mortgage/loans/mezzanine-loans/): How mezzanine debt fills the gap above a first mortgage: pledge collateral, intercreditor terms, blended cost, and when a supplemental loan wins.
- [Owner-occupied commercial mortgages: SBA 504, SBA 7(a) and bank owner-user loans](https://commercial.mortgage/loans/owner-occupied-commercial-mortgage/): Buying the building your business uses: SBA 504, SBA 7(a) and a bank owner-user loan compared on down payment, rate, term, fees and eligibility.
- [Portfolio and blanket loans: several properties, one note](https://commercial.mortgage/loans/portfolio-and-blanket-loans/): How one loan over several properties works: cross-collateral, pooled coverage, release prices and the traps when you sell one building.
- [Preferred equity](https://commercial.mortgage/loans/preferred-equity/): How preferred equity fills the gap above a first mortgage: the waterfall, control triggers, redemption, a stress test, and when it beats mezzanine.
- [Single-asset single-borrower (SASB) loans](https://commercial.mortgage/loans/sasb-loans/): How single-asset CMBS loans work in 2026: who uses them, floating vs fixed, rate caps, extension tests, prepayment, and how they differ from conduit.

## By property type
- [Loans for flex and small-bay industrial buildings](https://commercial.mortgage/property/flex/): Financing a flex or small-bay industrial building: bank, credit union, DSCR, SBA and CMBS loans ranked, how small tenants change underwriting, an example.
- [Loans for hotels and motels](https://commercial.mortgage/property/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.
- [Loans for industrial and warehouse property](https://commercial.mortgage/property/industrial-warehouse/): Financing a warehouse or distribution building: life company, bank, CMBS and credit union loans ranked, industrial spreads, lender checks and an example.
- [Loans for large apartment properties](https://commercial.mortgage/property/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.
- [Loans for manufactured housing communities](https://commercial.mortgage/property/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.
- [Loans for medical office buildings](https://commercial.mortgage/property/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.
- [Loans for mixed-use buildings](https://commercial.mortgage/property/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.
- [Loans for office buildings](https://commercial.mortgage/property/office/): Financing an office building now: which banks, life companies, CMBS lenders and debt funds still lend, office spreads, rollover tests and an example.
- [Loans for strip centers and neighborhood retail](https://commercial.mortgage/property/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.
- [Loans for self storage facilities](https://commercial.mortgage/property/self-storage/): Financing a self storage facility: stabilized and lease-up options ranked, how lenders read occupancy and street rates, construction rules, an example.
- [Loans for seniors housing and care facilities](https://commercial.mortgage/property/seniors-housing/): Financing assisted living, memory care, independent living and skilled nursing: HUD 232 and agency terms side by side, bridge options and an example.
- [Loans for single-tenant net lease property](https://commercial.mortgage/property/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.
- [Loans for small apartment buildings (5 to 50 units)](https://commercial.mortgage/property/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.
- [Loans for student housing](https://commercial.mortgage/property/student-housing/): Financing off-campus student housing: Fannie Mae and Freddie Mac student terms, bridge and construction for lease-up, bed-lease underwriting, an example.

## Comparisons
- [5, 7 or 10-year term: choosing how long to fix](https://commercial.mortgage/compare/5-vs-7-vs-10-year-terms/): 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.
- [Agency loan or bank loan for a small apartment building](https://commercial.mortgage/compare/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.
- [Agency loan or CMBS conduit loan](https://commercial.mortgage/compare/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.
- [Bank loan or CMBS conduit loan for a commercial property](https://commercial.mortgage/compare/bank-vs-cmbs/): 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.
- [Bank or credit union for a commercial real estate loan](https://commercial.mortgage/compare/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.
- [Bridge loan or permanent loan for a property in transition](https://commercial.mortgage/compare/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.
- [CMBS conduit loan or life insurance company loan](https://commercial.mortgage/compare/cmbs-vs-life-company/): A CMBS conduit loan against a life insurance company loan on stabilized property: leverage, rate, amortization, prepayment and servicing compared.
- [Debt fund bridge loan or bank bridge loan](https://commercial.mortgage/compare/debt-fund-vs-bank-bridge/): 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.
- [Non-bank DSCR loan or bank loan for a small investment property](https://commercial.mortgage/compare/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.
- [Fannie Mae vs Freddie Mac: which agency loan fits your building](https://commercial.mortgage/compare/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.
- [FHA 221(d)(4) or a bank construction loan for new apartments](https://commercial.mortgage/compare/fha-221d4-vs-bank-construction/): 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.
- [FHA 223(f) or an agency loan for an apartment property](https://commercial.mortgage/compare/fha-223f-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.
- [Fixed or floating rate on a commercial mortgage](https://commercial.mortgage/compare/fixed-vs-floating-rate/): 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.
- [Life insurance company loan or bank loan](https://commercial.mortgage/compare/life-company-vs-bank/): A life insurance company mortgage against a bank loan on a low-leverage, stabilized property: rate, term, recourse, the balloon and ten-year cost.
- [Mezzanine loan or preferred equity for the gap above your senior loan](https://commercial.mortgage/compare/mezzanine-vs-preferred-equity/): 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.
- [Recourse or non-recourse: what each loan program asks you to sign](https://commercial.mortgage/compare/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.
- [SBA 504 or a conventional bank loan to buy your business's building](https://commercial.mortgage/compare/sba-504-vs-bank-loan/): SBA 504 against a conventional bank loan for a business buying its own building: down payment, fixed rate, fees, occupancy rules and payoff costs.
- [Yield maintenance, defeasance or step-down: what leaving early costs](https://commercial.mortgage/compare/yield-maintenance-vs-defeasance-vs-step-down/): 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.

## Rankings
- [Best loans for small apartment buildings](https://commercial.mortgage/rankings/best-loans-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.
- [Best loans for value-add and repositioning](https://commercial.mortgage/rankings/best-loans-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.
- [Best loans to refinance a maturing commercial mortgage](https://commercial.mortgage/rankings/best-loans-to-refinance-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.
- [Fastest commercial mortgage programs to close](https://commercial.mortgage/rankings/fastest-commercial-loans-to-close/): Commercial mortgage programs ranked by the approvals needed before funding, with published lock windows and the reports that set your closing date.
- [Highest-leverage commercial mortgage programs](https://commercial.mortgage/rankings/highest-leverage-commercial-loans/): 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.
- [Lowest-rate commercial mortgage programs today](https://commercial.mortgage/rankings/lowest-rate-commercial-mortgages/): 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.
- [Non-recourse commercial mortgage programs, ranked](https://commercial.mortgage/rankings/non-recourse-commercial-loans/): 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.

## Situations
- [Financing a 1031 exchange replacement property](https://commercial.mortgage/situations/1031-exchange-financing/): Financing 1031 replacement property: replacing the old debt, lenders that close inside the exchange deadlines, TIC and DST limits, reverse exchanges.
- [Assuming an existing commercial loan](https://commercial.mortgage/situations/assuming-a-commercial-loan/): 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.
- [Refinance a bridge loan into agency debt](https://commercial.mortgage/situations/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.
- [Buying your first apartment building](https://commercial.mortgage/situations/buying-your-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 on commercial property](https://commercial.mortgage/situations/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.
- [Choosing recourse or non-recourse debt](https://commercial.mortgage/situations/choosing-recourse-or-non-recourse/): Should you sign a personal guarantee? Measure your exposure, read the carve-outs, price what non-recourse costs, and negotiate limits on a recourse loan.
- [Getting a commercial loan with bad credit](https://commercial.mortgage/situations/commercial-loan-with-bad-credit/): Which commercial lenders still lend after late payments, a foreclosure or a bankruptcy, what it costs, and how to rebuild toward a bank or agency loan.
- [Commercial real estate loans for foreign nationals](https://commercial.mortgage/situations/foreign-national-commercial-loans/): How non-U.S. investors finance U.S. commercial property: lenders that accept foreign sponsors, the U.S. entity structure, documents and leverage.
- [Financing a partner buyout](https://commercial.mortgage/situations/partner-buyout-financing/): 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.
- [Refinance a maturing balloon loan](https://commercial.mortgage/situations/refinance-a-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.
- [Financing a value-add or renovation plan](https://commercial.mortgage/situations/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.

## Calculators
- [Amortization schedule](https://commercial.mortgage/calculators/amortization-schedule/): Month-by-month and yearly amortization for a commercial loan: interest, principal, balance and balloon, with 30/360 or Actual/360 interest and CSV export.
- [Blended rate calculator](https://commercial.mortgage/calculators/blended-rate/): Weighted cost of a senior loan plus mezzanine or a second tranche: blended rate, combined debt service, combined LTV and coverage on the whole stack.
- [Cap rate and NOI calculator](https://commercial.mortgage/calculators/cap-rate/): 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](https://commercial.mortgage/calculators/cash-out-refinance/): 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.
- [Closing costs calculator](https://commercial.mortgage/calculators/closing-costs/): Published fees for HUD/FHA, Freddie Mac and SBA 504 loans computed on your loan amount, plus lines for the third-party and legal costs you are quoted.
- [Debt yield calculator](https://commercial.mortgage/calculators/debt-yield/): Debt yield on your loan, the maximum loan at a lender's debt yield floor, and how recent CMBS pools and lender averages compare, with sources.
- [DSCR calculator](https://commercial.mortgage/calculators/dscr/): 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.
- [Interest-only vs amortizing](https://commercial.mortgage/calculators/interest-only-vs-amortizing/): Payment, coverage and balloon with and without interest-only months, plus what Actual/360 interest costs in 28, 30 and 31 day months.
- [LTV and LTC calculator](https://commercial.mortgage/calculators/ltv-ltc/): Loan-to-value on the lower of price or appraisal, combined LTV with a second lien, and loan-to-cost on a construction budget, against federal LTV ceilings.
- [Prepayment penalty calculator](https://commercial.mortgage/calculators/prepayment-penalty/): Estimate a commercial mortgage prepayment premium: Fannie Mae and Freddie Mac yield maintenance, CMBS defeasance, step-down, SBA 504 and 7(a).
- [Refinance gap calculator](https://commercial.mortgage/calculators/refinance-gap/): 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.
- [Commercial mortgage calculator](https://commercial.mortgage/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.
- [Loan sizer (LTV, DSCR, debt yield)](https://commercial.mortgage/loan-sizer/): See the largest commercial mortgage your property supports under each lender type’s LTV, DSCR and debt yield limits, at today’s index rates.

## Market data
- [Delinquency and credit quality](https://commercial.mortgage/market/credit-quality/): Bank noncurrent and charge-off rates, CMBS delinquency from Trepp, KBRA and MBA, and life company loan performance, with each measure defined and dated.
- [Debt outstanding by holder](https://commercial.mortgage/market/debt-outstanding/): Commercial and multifamily mortgage debt outstanding by holder: banks, Fannie Mae and Freddie Mac, life companies, CMBS and others, from the MBA, dated.
- [Lending conditions (Fed SLOOS)](https://commercial.mortgage/market/lending-conditions/): Whether banks are easing or tightening commercial real estate loan standards, by loan type, from the Federal Reserve loan officer survey.
- [Loan maturities](https://commercial.mortgage/market/maturities/): How much commercial mortgage debt matures in 2026 and 2027, which lenders and property types hold it, and what a maturing borrower should check first.
- [Commercial Mortgage Rate Survey (November 2026)](https://commercial.mortgage/market/rate-survey/): Indicative rates by loan program, Treasury and SOFR readings, HMDA medians, SBA 504 and CMBS and bridge coupons, each with its source and date.
- [Rates today by lender type](https://commercial.mortgage/rates/): Today's indicative commercial mortgage rates for banks, life companies, CMBS, agency and debt fund loans: live index plus dated spread ranges.
- [Multifamily loan rates by state](https://commercial.mortgage/rates/multifamily-by-state/): Median apartment loan rates, terms, loan sizes and refinance shares for every state with 30 or more 2025 HMDA loans, compared with the national median.

## Guides
- [Commercial mortgage prepayment penalties, with the math](https://commercial.mortgage/guides/commercial-mortgage-prepayment-penalties/): Yield maintenance, defeasance and step-down prepayment explained with a worked example, plus which lender types use which and when each one gets cheap.
- [How lenders size a commercial mortgage (LTV, DSCR, debt yield)](https://commercial.mortgage/guides/how-lenders-size-a-commercial-mortgage/): Commercial lenders run three tests and lend the smallest answer. A worked example on a $10 million property, and why higher rates shrink loans.

Every page: https://commercial.mortgage/llms-full.txt