Lowest-rate commercial mortgage programs today

How to read the ranking

The rate in the table is arithmetic you can check: the index reading on the date shown plus the spread range from the source cited in the same cell. When Treasury or the New York Fed publishes a newer reading, this page reprices and re-sorts in your browser. Nothing in the order is opinion.

A program appears in the ranking only when a public, dated source gives its spread. That rule leaves out programs that are often cheap, including Fannie Mae and Freddie Mac apartment loans and many bank loans, because their lenders do not publish spreads. The list under the table names each one and says why. The closed-loan rates below fill in what the ranking cannot.

Rates on loans that actually closed

These are averages of loans already made, so they lag the market and mix older and newer pricing. They show where real borrowers landed.

Source	What it measures	Rate
CBRE Lending Momentum, Q2 2026	Fixed-rate permanent loans CBRE placed, all lender types	5.7%2
CRED iQ, 2026 conduit issuance	Weighted average coupon on CMBS conduit loans	6.43%4
CRED iQ, conduit multifamily	Multifamily coupon on conduit new issues, June to August 2026	6.0%5
SEC filings, three 2026 conduit pools	Weighted average mortgage rate per pool	6.55%6, 6.67%7, 6.97%8
HMDA 2025, all apartment loans	Median note rate, banks, credit unions and other reporting lenders	6.50% median note rate on 2025 multifamily originations3
Public bridge lender, Q3 2026	All-in yield on a floating-rate bridge book	7.3%9
Public small-balance investor lender, Q2 2026	Coupon on new loans made in the quarter	10.0%10
Public private lender, Q2 2026	Lowest and highest stated rate in its book	7.25%11 to 15.0%11

Three patterns run through the table. Bigger loans on stabilized property get the lowest rates. Bridge and private money cost more because the lender takes more risk and funds faster. And the spread between the cheapest and dearest money is wider than the move in Treasury yields over most years, so choosing the right program saves more than timing the market.

Loan size moves the rate more than most borrowers expect

HMDA splits 2025 apartment loans by building size. The median rate falls as the building grows:

Building size	Median rate, 2025 HMDA
5 to 24 units	6.75% median rate on 5-24 unit properties3
25 to 49 units	6.35% median rate on 25-49 unit properties3
50 to 99 units	6.20% median rate on 50-99 unit properties3
100 to 149 units	5.95% median rate on 100-149 unit properties3
150 units or more	5.56% median rate on 150+ unit properties3

Part of the gap is cost: a lender spends about the same on underwriting a small loan as a large one, so it recovers that in the rate. Part is who lends. Small buildings borrow mostly from community banks on short balloon terms; large ones get agency and life company money. If your building sits near a size break, the state-by-state HMDA rates show how the mix plays out where you own.

The cheapest rate is not always the cheapest loan

Compare total cost over the years you will hold the loan, not the note rate alone.

Cost that sits outside the rate	Where it shows up	How to compare
Insurance premium	FHA loans carry 0.25% (25 basis points) per year on top of the note rate, plus 0.25% upfront, capitalized into the loan	Add the premium to the rate
Origination points and fees	Bank, bridge and private loans	Spread the fee over the expected hold
Exit fees and minimum interest	Bridge and debt fund loans	Add to the all-in cost if you repay early
Prepayment premium	Yield maintenance, defeasance and step-downs on permanent loans	Price the exit you are likely to take
Rate cap	Most floating-rate loans	Add the cap cost to the floating rate

Illustration. On a $3,000,000 loan held five years, one point up front costs $30,000. A rate 0.20% lower saves $6,000 a year, or $30,000 over five years. The two offers break even at five years; sell or refinance sooner and the higher-rate, no-point loan was cheaper. The commercial mortgage calculator runs your own offers.

What moves your quote inside a program’s range

• Leverage. Lower loan-to-value earns a tighter spread at almost every lender type. The highest-leverage ranking shows the ceilings.
• Property type. CRED iQ measured spreads over the 10-year Treasury of 154 bps for multifamily, 162 bps for industrial, 176 bps for retail and 220 bps¹³ for office.
• Term and index. Five-year money prices over the 5-year Treasury and ten-year money over the 10-year, so the shape of the curve changes which term is cheaper.
• Prepayment. A loan you can repay at par prices wider than one with yield maintenance, because the lender is paid for giving you the option.
• Sponsor. Experience, liquidity and net worth move a quote at every lender, and a deposit relationship moves it at a bank.

Where each kind of program wins on price

You want	Start with	Why
The lowest fixed rate on a stabilized apartment building	Agency loans, then life companies	Government-sponsored funding and low-leverage appetite
The lowest fixed rate on low-leverage commercial property	Life company, then CMBS	Life companies price low-leverage loans tightly
A competitive rate with recourse and a relationship	Bank or credit union	Deposits and local knowledge offset the shorter term
Funding in weeks on a property in transition	Bridge or debt fund	You pay for speed and flexibility
Any loan when credit or timing rules out the rest	Private lender	Highest rate, fewest conditions

Talk to Janover Capital about which lenders are quoting your deal today. A person reads every request.