Commercial real estate debt programs
Larger loans for acquisitions, construction, bridge and refinance. We place senior, mezzanine, bridge, C-PACE and agency debt nationwide, from $1 million to $200 million and up.
The pre-qualification form takes about a minute.
How our debt programs work
These programs are for larger commercial real estate deals, from $1 million to $200 million and up. We place them with our network of lending partners nationwide.
They cover the full life of a project. You can finance an acquisition, fund ground-up construction, bridge to a sale or refinance, or reposition an asset that’s in transition.
Recourse and non-recourse options are both available. Non-recourse means the lender’s claim is limited to the property, not your personal assets. Most non-recourse loans include “bad boy” carve-outs that restore personal liability for misconduct like fraud.
Senior loans can close in as little as 7 days. Most programs take 2 to 4 weeks, and some take 60 to 90 days.
Which program fits
| If you need to… | Look at |
|---|---|
| Buy or refinance a stabilized property long term | Senior loans or agency financing |
| Buy or reposition a property that isn’t stabilized yet | Bridge loans |
| Build from the ground up | Construction and development loans |
| Raise leverage beyond the senior loan | Mezzanine loans |
| Fund energy-efficiency improvements | C-PACE with a senior loan |
Your loan expert can help you sort out which structure, or combination, fits the deal.
Senior loans
A senior loan is a first mortgage. It gets repaid first if the property is sold or foreclosed.
| Term | Typical range |
|---|---|
| Loan amount | $1 million to $200 million+ |
| Loan-to-value (LTV) | Up to 75% of stabilized value |
| Loan-to-cost (LTC) | Up to 85% |
| Interest rate | Starting at SOFR + 300 bps |
| Term | 12 months to 30 years |
| Prepayment penalty | Case-by-case |
| Recourse | Non-recourse with bad-boy carve-outs available |
| Closing time | As little as 7 days; typically 30–45 days |
SOFR is the Secured Overnight Financing Rate, a common benchmark for floating-rate loans. 300 bps (basis points) means 3 percentage points above it.
Eligible assets include multifamily, mixed-use, development, hotel, retail, office, industrial, self-storage, single-tenant NNN, senior care and medical, condo packages (refinance), life sciences and land.
Bridge loans
A bridge loan is short-term financing for a property in transition. Use it to buy, lease up or renovate before moving to permanent financing. For a closer look, read our guide to bridge loans for apartments.
| Term | Typical range |
|---|---|
| Loan amount | $2 million to $200 million+ |
| Leverage | Up to 75% of stabilized value; up to 85% of cost |
| Term | Up to 24 months, with extension options |
| Recourse and yield maintenance | Case-by-case |
| Closing time | Typically 2–4 weeks |
Construction and development loans
These are first mortgages that fund ground-up building. Eligible assets include multifamily, 1–4 family investment property, mixed-use, retail, office, industrial, self-storage, single-tenant NNN and development sites.
| Term | Typical range |
|---|---|
| Loan amount | $2 million to $200 million+ |
| Leverage | Up to 75% of stabilized value; up to 85% of cost |
| Term | Up to 36 months, with extension options |
| Recourse and yield maintenance | Case-by-case |
| Closing time | Typically 2–4 weeks |
Yield maintenance is a prepayment charge that compensates the lender for interest lost when you pay off early.
Mezzanine loans
Mezzanine debt is a second loan that sits behind the senior mortgage. It fills part of the gap between the senior loan and your equity. It typically costs more than senior debt but less than bringing in an equity partner.
| Term | Typical range |
|---|---|
| Loan amount | $2 million to $50 million+ |
| Combined leverage | Up to 90% of value or cost, including the senior loan |
| Loan type | Second mortgage |
| Term | Up to 24 months, with extension options |
| Prepayment | Terms up to 12 months |
| Recourse | Case-by-case |
| Closing time | Typically 2–4 weeks |
C-PACE with a senior loan
C-PACE stands for Commercial Property Assessed Clean Energy. It funds qualifying energy-efficiency and resilience improvements. It is repaid through a property assessment and pairs with a senior loan.
| Term | Typical range |
|---|---|
| Loan amount | $1 million to $200 million+ |
| Combined leverage | Up to 85% LTV and LTC, C-PACE plus senior |
| Term | Coterminous (ends at the same time) with the first-position loan |
| Recourse | Non-recourse with bad-boy carve-outs available |
| Closing time | Typically 60–90 days |
Agency financing
Our lending partners also offer long-term senior loans through agency financing programs.
| Term | Typical range |
|---|---|
| Loan amount | $1 million to $75 million+ |
| Leverage | Up to 90% LTV and LTC; ask your loan expert for details |
| Term | Up to 360 months |
| Recourse and yield maintenance | Case-by-case |
| Closing time | Typically 60–90 days |
Across these programs, eligible assets typically include multifamily, mixed-use, retail, office, industrial, self-storage, single-tenant NNN and development sites. Rates and origination fees are set at market; your loan expert will quote them for your deal.
Need equity rather than debt? See our equity programs.
How we place your loan
- Apply online. A short, one-minute form tells us about the property, the plan and the capital you need.
- Talk with your loan expert. A Standout loan expert reviews the deal and helps you choose a structure.
- Choose your loan. Your loan expert brings you the best available options from our lending partners.
All rates and requirements are subject to change without notice and depend on each lender’s review.
Common questions
What's the smallest loan these programs handle?
Senior, C-PACE and agency programs typically start at $1 million. Mezzanine, construction and bridge programs typically start at $2 million. For smaller commercial deals, see our conventional or DSCR programs.
What does non-recourse mean?
The lender's claim is limited to the property, not your personal assets. 'Bad boy' carve-outs restore personal liability for misconduct such as fraud.
How fast can a debt program close?
Senior loans can close in as little as 7 days, though 30 to 45 days is typical. Bridge, construction and mezzanine loans typically take 2 to 4 weeks. C-PACE and agency loans typically take 60 to 90 days.
What is C-PACE?
Commercial Property Assessed Clean Energy financing. It funds qualifying energy-efficiency and resilience improvements and sits alongside a senior loan.
Can I combine a senior loan with mezzanine debt?
Yes. Mezzanine debt sits behind the senior loan and can raise total leverage to as much as 90% of value or cost.
Other options to compare
All loan programs- Loan program Real estate equity programs Preferred equity, JV, GP/LP and Co-GP capital for development, value-add and recapitalization. For experienced sponsors
- Loan program Conventional commercial loans Bank and credit-union financing. For strong credit and full documentation, usually the lowest-cost path. Banks and credit unions
- Loan program Commercial real estate refinance loans Pull out equity, pay off a seller note or short-term loan, or swap a variable rate for a fixed one. Cash-out or rate change
Ready to take the next step?
Apply in about a minute. Your loan expert will guide you from there.